Analysis and advice from professional traders!
Hello, trader.
The current price is around 2,321.045.
There is a visible downward trend from recent highs around 2,362.845.
Trend Lines:
Several descending trend lines are drawn, indicating potential resistance levels.
The price is moving within a descending channel, suggesting a bearish trend.
Fibonacci Retracement Levels:
Key Fibonacci levels are marked, including 0.5 (2,330.669) and 0.618 (2,339.763), suggesting potential resistance points.
The 1.618 extension level is at 2,362.845, The 1.618 extension level is at 2,362.845, indicating a possible target if the price reverses and breaks above current resistance levels.
Price Channels:
Multiple orange channels are drawn, illustrating different slopes of price movement, with the price oscillating within these channels.
The price is currently near the lower boundary of a descending channel, which could act as support.
Support and Resistance Levels:
Horizontal lines indicate critical support (2,284.948) and resistance (2,357.337) levels.
The resistance at 2,357.337 coincides with a recent high and a Fibonacci retracement level.
Projected Movements:
If the price maintains its downward momentum, it may test the support at 2,312.123 and potentially aim for lower levels at 2,284.948 or even 2,252.571 (1.618 extension).
A break above the current resistance level at 2,330.669 might lead to a rise towards 2,339.763 and further up to. A break above the current resistance level at 2,330.669 might lead to a rise towards 2,339.763 and further up to 2357337.
Conclusion:
The Gold futures are showing a generally bearish trend with potential support at 2,312.123. Traders should watch for breakouts below this level for further downside potential towards 2,284.948. Conversely, a break above the resistance level at 2,330.669 could indicate a reversal towards 2,339.763 and 2,357.337. A break above the resistance level at 2,330.669 could indicate a reversal towards 2,339.763 and 2,357.337.
Buy Strategies:
Buy Entry:
Price Level: Around 2,312.123 (nearby support).
Condition: Confirmation of a bounce from this level, such as a bullish candlestick or a reversal pattern.
Target 1: 2,330.669 (nearby resistance and Fibonacci 0.5 level).
Target 2: 2,339.763 (next resistance level and Fibonacci 0.618 level).
Target 3: 2,357.337 (resistance level).
Stop Loss: Below the support level at 2,293.576.
Buy Entry:
Price Level: Around 2,284.948 (support level).
Condition: Confirmation of a bounce from this level, such as a bullish candlestick or a reversal pattern.
Target 1: 2,312.123 (nearby resistance).
Target 2: 2,330.669 (resistance level and Fibonacci 0.5 level).
Stop Loss: Below the support level at 2,252.571.
Sell Strategies:
Sell Entry:
Price Level: Around 2,330.669 (nearby resistance and Fibonacci 0.5 level).
Condition: Confirmation of rejection from this level, such as a bearish candlestick or a reversal pattern.
Target 1: 2,312.123 (nearby support).
Target 2: 2,293.576 (next support level).
Stop Loss: Above the resistance level at 2,339.763.
Sell Entry:
Price Level: Around 2,339.763 (Fibonacci 0.618 level).
Condition: Confirmation of rejection from this level, such as a bearish candlestick or a reversal pattern.
Target 1: 2,330.669 (nearby support and Fibonacci 0.5 level).
Target 2: 2,312.123 (next support level).
Stop Loss: Above the resistance level at 2,357.337.
Important Notes:
Confirmation: It is crucial to wait for confirmations at the mentioned levels before entering a trade. This can include candlestick patterns, additional technical indicators (like RSI or MACD), or trading volumes.
The current price is around 2,321.045.
There is a visible downward trend from recent highs around 2,362.845.
Trend Lines:
Several descending trend lines are drawn, indicating potential resistance levels.
The price is moving within a descending channel, suggesting a bearish trend.
Fibonacci Retracement Levels:
Key Fibonacci levels are marked, including 0.5 (2,330.669) and 0.618 (2,339.763), suggesting potential resistance points.
The 1.618 extension level is at 2,362.845, The 1.618 extension level is at 2,362.845, indicating a possible target if the price reverses and breaks above current resistance levels.
Price Channels:
Multiple orange channels are drawn, illustrating different slopes of price movement, with the price oscillating within these channels.
The price is currently near the lower boundary of a descending channel, which could act as support.
Support and Resistance Levels:
Horizontal lines indicate critical support (2,284.948) and resistance (2,357.337) levels.
The resistance at 2,357.337 coincides with a recent high and a Fibonacci retracement level.
Projected Movements:
If the price maintains its downward momentum, it may test the support at 2,312.123 and potentially aim for lower levels at 2,284.948 or even 2,252.571 (1.618 extension).
A break above the current resistance level at 2,330.669 might lead to a rise towards 2,339.763 and further up to. A break above the current resistance level at 2,330.669 might lead to a rise towards 2,339.763 and further up to 2357337.
Conclusion:
The Gold futures are showing a generally bearish trend with potential support at 2,312.123. Traders should watch for breakouts below this level for further downside potential towards 2,284.948. Conversely, a break above the resistance level at 2,330.669 could indicate a reversal towards 2,339.763 and 2,357.337. A break above the resistance level at 2,330.669 could indicate a reversal towards 2,339.763 and 2,357.337.
Buy Strategies:
Buy Entry:
Price Level: Around 2,312.123 (nearby support).
Condition: Confirmation of a bounce from this level, such as a bullish candlestick or a reversal pattern.
Target 1: 2,330.669 (nearby resistance and Fibonacci 0.5 level).
Target 2: 2,339.763 (next resistance level and Fibonacci 0.618 level).
Target 3: 2,357.337 (resistance level).
Stop Loss: Below the support level at 2,293.576.
Buy Entry:
Price Level: Around 2,284.948 (support level).
Condition: Confirmation of a bounce from this level, such as a bullish candlestick or a reversal pattern.
Target 1: 2,312.123 (nearby resistance).
Target 2: 2,330.669 (resistance level and Fibonacci 0.5 level).
Stop Loss: Below the support level at 2,252.571.
Sell Strategies:
Sell Entry:
Price Level: Around 2,330.669 (nearby resistance and Fibonacci 0.5 level).
Condition: Confirmation of rejection from this level, such as a bearish candlestick or a reversal pattern.
Target 1: 2,312.123 (nearby support).
Target 2: 2,293.576 (next support level).
Stop Loss: Above the resistance level at 2,339.763.
Sell Entry:
Price Level: Around 2,339.763 (Fibonacci 0.618 level).
Condition: Confirmation of rejection from this level, such as a bearish candlestick or a reversal pattern.
Target 1: 2,330.669 (nearby support and Fibonacci 0.5 level).
Target 2: 2,312.123 (next support level).
Stop Loss: Above the resistance level at 2,357.337.
Important Notes:
Confirmation: It is crucial to wait for confirmations at the mentioned levels before entering a trade. This can include candlestick patterns, additional technical indicators (like RSI or MACD), or trading volumes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.