Gold going higher
The chart is of the Gold Spot/U.S. Dollar on a 30-minute timeframe. The chart depicts a strong bullish trend, suggesting a possible continuation of the trend. The chart shows a 30-minute test and bounce from a higher timeframe, which indicates that the price is respecting higher timeframe support levels.
This is reinforced by Volume Spread Analysis (VSA) signals such as "ND" (No Demand) and "NS" (No Supply), indicating low selling pressure at key support levels. The Fibonacci retracement levels suggest potential pullback zones, with significant levels around the 50% and 61.8% retracement from the recent high.
The strategy is to watch for a retest of the lower prices at the identified support levels (around the 50% to 61.8% Fibonacci retracement levels). If the price pulls back to these levels and shows bullish signals or a lack of selling pressure, it would indicate a potential entry point for a long position. The target for this strategy would be the 2450 area, as shown on the chart.
In summary, the chart suggests waiting for a pullback to key Fibonacci levels and looking for bullish confirmation signals to enter a long position, with an ultimate target around the 2450 level.
This is reinforced by Volume Spread Analysis (VSA) signals such as "ND" (No Demand) and "NS" (No Supply), indicating low selling pressure at key support levels. The Fibonacci retracement levels suggest potential pullback zones, with significant levels around the 50% and 61.8% retracement from the recent high.
The strategy is to watch for a retest of the lower prices at the identified support levels (around the 50% to 61.8% Fibonacci retracement levels). If the price pulls back to these levels and shows bullish signals or a lack of selling pressure, it would indicate a potential entry point for a long position. The target for this strategy would be the 2450 area, as shown on the chart.
In summary, the chart suggests waiting for a pullback to key Fibonacci levels and looking for bullish confirmation signals to enter a long position, with an ultimate target around the 2450 level.
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