GOLD XAUUSD Based on the new chart on a 4-hour timeframe, here are simplified entry points for long positions with updated support and resistance levels and Fibonacci retracement levels: Key Points: 1.Support and Resistance Zones: - Resistance Zones: Around 2,331 to 2,333 USD, previously acting as strong resistance. - Support Zones: Around 2,319 to 2,322 USD and lower at 2,310 USD, providing strong support in the past. 2. Fibonacci Retracement Levels: - 38.20% Level: Around 2,325 USD, minor support/resistance. - 50.00% Level: Around 2,322 USD, significant support/resistance. - 61.80% Level: Around 2,319 USD, critical support/resistance. 3. Fair Value Gaps (FVG): Indicate potential price targets or reversal points. 4. Recent Price Action: Price has tested the 38.20% Fibonacci level and shows a potential bounce, indicating bullish strength. Currently above the 50.00% Fibonacci level, suggesting a bullish trend if it holds. Entry Points for Long Positions: 1. Breakout Above Resistance: - Entry Point: 2,331 USD - Reason: A breakout above this level with strong volume can confirm bullish momentum and potential for a rally. 2. Pullback to Support Zone: - Entry Point:2,322 USD - Reason:Entering near the 50.00% Fibonacci level around 2,322 USD offers a good risk-reward ratio. 3. Bounce from Lower Fibonacci Level: - Entry Point:2,319 USD (61.80% Fibonacci level) - Reason: A bounce from this level with confirmed upward momentum is a good entry point. Stop-Loss and Take-Profit Levels: - Stop-Loss: Below the recent low at 2,310 USD - Take-Profit Levels: - TP1: 2,331 USD (Initial resistance) - TP2: 2,333 USD (Higher resistance zone) - TP3: 2,335 USD (Upper resistance zone) Probability of Consolidation: - Probability:20% - While strong bullish indicators are present, there is still a 20% chance of consolidation. Conclusion: The overall sentiment for gold is bullish, with strong indicators suggesting an upward trend. Entering long positions at the identified points offers a favorable risk-reward ratio. However, be mindful of the possibility of consolidation.
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