XAUUSD: Bulls Playing Darts
Daily Perspective:
Friday's close on the daily chart was bearish, with the price closing around the support level of 2493. This level is crucial as it has been tested and may continue to offer support. However, resistance has formed around the 2516 level, suggesting a potential barrier to upward movement. Traders should monitor these levels closely for any potential reversals or breakout opportunities.
H4 Perspective:
On the 4-hour chart, a key support level is forming around 2492. The current price action indicates that bulls are attempting to push the market upwards towards the resistance level at 2520. This resistance level could be pivotal in determining whether the bullish momentum can sustain or if the market will face selling pressure.
Alternative Scenario:
A bearish scenario would come into play if the price closes below the 2495 mark. A sustained move below this support level could signal further downside potential for Gold, suggesting a shift in sentiment towards the bearish side.
Summary:
Focus on the support level of 2493 and the resistance level of 2516. If the price remains above 2495 and shows strength, the market could aim for the resistance around 2520. Conversely, a close below 2495 would indicate a bearish shift, prompting caution and potential short positions. Keep these levels in mind for your trading strategy.
Friday's close on the daily chart was bearish, with the price closing around the support level of 2493. This level is crucial as it has been tested and may continue to offer support. However, resistance has formed around the 2516 level, suggesting a potential barrier to upward movement. Traders should monitor these levels closely for any potential reversals or breakout opportunities.
H4 Perspective:
On the 4-hour chart, a key support level is forming around 2492. The current price action indicates that bulls are attempting to push the market upwards towards the resistance level at 2520. This resistance level could be pivotal in determining whether the bullish momentum can sustain or if the market will face selling pressure.
Alternative Scenario:
A bearish scenario would come into play if the price closes below the 2495 mark. A sustained move below this support level could signal further downside potential for Gold, suggesting a shift in sentiment towards the bearish side.
Summary:
Focus on the support level of 2493 and the resistance level of 2516. If the price remains above 2495 and shows strength, the market could aim for the resistance around 2520. Conversely, a close below 2495 would indicate a bearish shift, prompting caution and potential short positions. Keep these levels in mind for your trading strategy.
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