GOLD Resistance and Support level
🚨 XAU/USD Update (New)
🗓️ Date: 12 February, 2024
⏰ Timeframe: H4
* RED Color (Major Resistance Area) = 2056-62
* Green color (Support) = 2013
* Range 2013-40
💡 There is no trend in the movement of gold since the beginning of February. Price exists within a certain range (green color). In the meantime, the price has touched the support and resistance levels of this range several times but has not been able to break out of the range. Until the price is able to break out of this range, there will be no trend.
✅ 2056-62 is important major resistance level. A price position below this level means that the price is likely to move lower on a larger timeframe.
✅ There is no opportunity to take a new Buy entry as the overall trend of the price is now downwards.
✅ There are 2 possible places to take a new sell entry. #1-> Price should move towards the resistance level of the range i.e., 2040. Otherwise #2-> there should be a breakout below the support level of the range i.e. 2013.
✅ If the price is able to breakout of the 2013 level, strong bearish momentum can be seen. There are a number of fundamental news releases this week that will likely cause large-scale movements. So there may be a bit of a wait for good entries.
⚠️ Gold trading is not for everyone. Those who do not have trading experience in this asset should refrain from taking positions. On the other hand, those with low balance will also not accept entries.
Feedback - 👍/👎
Good Luck!
🗓️ Date: 12 February, 2024
⏰ Timeframe: H4
* RED Color (Major Resistance Area) = 2056-62
* Green color (Support) = 2013
* Range 2013-40
💡 There is no trend in the movement of gold since the beginning of February. Price exists within a certain range (green color). In the meantime, the price has touched the support and resistance levels of this range several times but has not been able to break out of the range. Until the price is able to break out of this range, there will be no trend.
✅ 2056-62 is important major resistance level. A price position below this level means that the price is likely to move lower on a larger timeframe.
✅ There is no opportunity to take a new Buy entry as the overall trend of the price is now downwards.
✅ There are 2 possible places to take a new sell entry. #1-> Price should move towards the resistance level of the range i.e., 2040. Otherwise #2-> there should be a breakout below the support level of the range i.e. 2013.
✅ If the price is able to breakout of the 2013 level, strong bearish momentum can be seen. There are a number of fundamental news releases this week that will likely cause large-scale movements. So there may be a bit of a wait for good entries.
⚠️ Gold trading is not for everyone. Those who do not have trading experience in this asset should refrain from taking positions. On the other hand, those with low balance will also not accept entries.
Feedback - 👍/👎
Good Luck!
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