Gold Spot (XAU/USD) -Trading Plan Using Wkly and Dly Open Prices
Analysis:
Weekly Opening Price:
The price action has struggled to hold above the weekly open level (2,660.81), showing signs of weakness after a strong rally. This level now acts as a key resistance for buyers to reclaim.
Daily Opening Price:
The daily open at 2,649.01 is serving as a pivot point for today's session. A sustained move below this level indicates potential bearish continuation.
Trade Plan:
Entry Zone: Positioned near the daily open price rejection.
Stop-Loss: Placed above the key resistance area (blue zone).
Target: Aiming for the key support level at 2,580.00, aligning with previous significant structure.
Key Levels:
Resistance:
Weekly Open: 2,660.81
Next resistance: 2,666.12
Support:
2,622.89 (prior key daily level)
Final Target: 2,580.00
Notes:
If buyers fail to reclaim the weekly open, sellers could dominate with a target toward the 2,580 zone.
A clear break above the weekly open invalidates the setup.
Weekly Opening Price:
The price action has struggled to hold above the weekly open level (2,660.81), showing signs of weakness after a strong rally. This level now acts as a key resistance for buyers to reclaim.
Daily Opening Price:
The daily open at 2,649.01 is serving as a pivot point for today's session. A sustained move below this level indicates potential bearish continuation.
Trade Plan:
Entry Zone: Positioned near the daily open price rejection.
Stop-Loss: Placed above the key resistance area (blue zone).
Target: Aiming for the key support level at 2,580.00, aligning with previous significant structure.
Key Levels:
Resistance:
Weekly Open: 2,660.81
Next resistance: 2,666.12
Support:
2,622.89 (prior key daily level)
Final Target: 2,580.00
Notes:
If buyers fail to reclaim the weekly open, sellers could dominate with a target toward the 2,580 zone.
A clear break above the weekly open invalidates the setup.
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