XAU/USD Trading Session Outlook: Monday Projections
XAU/USD Trading Session Outlook: Monday Projections and Key Levels Analysis
Friday’s Closing Analysis (November 1, 2024)
• Closing Sentiment: On Friday, November 1, 2024, XAU/USD closed at approximately $2,734.47, below the New York VWAP of $2,745.91, and marginally above critical support at $2,733.04 (London Session Low).
• Bearish Pressure: The price action throughout Friday remained bearish, as the market failed to break above significant resistance levels such as the Tokyo VWAP at $2,752.20, indicating sustained selling pressure.
• Key Support and Resistance:
• Immediate Support Levels: $2,733.04 (London Session Low) and $2,730.66 (Bollinger Band Lower)
• Resistance Levels: $2,745.91 (New York VWAP), $2,749.54 (London VWAP), and $2,752.20 (Tokyo VWAP)
Monday’s Tokyo Session Projection (November 4, 2024)
1. Scenario 1: Bearish Continuation
• Expectation: If the bearish momentum from Friday persists into Monday’s Tokyo session, XAU/USD may experience further downside movement. Continued selling pressure would likely push the price to retest lower support levels.
• Key Levels:
• Initial Target: $2,733.04 (Friday’s significant support level). A break below this level could drive the price to the next support at $2,730.66 (Bollinger Band Lower).
• Extended Downside Target: $2,720.00, a previously significant support area.
• Strategy:
• Sell Stop Order: Place a Sell Stop at $2,732.50, just below $2,733.04, to capitalize on a potential breakdown.
• Stop Loss: $2,740.00, above resistance levels to limit risk.
• Take Profit: $2,720.00, capturing the full bearish move.
2. Scenario 2: Bullish Reversal
• Expectation: If buyers perceive value at lower levels or if there is a fundamental catalyst, a bullish reversal may occur. However, the price needs to reclaim and hold above key resistance areas to confirm the reversal.
• Key Levels:
• Immediate Resistance: $2,745.91 (New York VWAP). A sustained move above this level would signal potential bullish momentum.
• Confirmation Level: $2,752.20 (Tokyo VWAP). A breakout here would reinforce a bullish case.
• Strategy:
• Buy Stop Order: Place a Buy Stop at $2,746.00, just above $2,745.91, to catch an upward move.
• Stop Loss: $2,738.00, just below support to manage risk.
• Take Profit: $2,752.00, targeting the Tokyo VWAP level for a potential retracement.
3. Scenario 3: Consolidation
• Expectation: If no clear directional momentum develops, XAU/USD could consolidate between $2,733.04 (support) and $2,745.91 (resistance). An external catalyst, such as economic data or geopolitical news, may be required to initiate a breakout.
• Strategy:
• Breakout Setup: Position Buy Stop and Sell Stop orders around these key levels to capitalize on a breakout.
• Stop Loss: 15-20 pips from the entry to manage risk effectively.
• Take Profit: 30-40 pips depending on the direction and strength of the breakout.
Overall Sentiment for Monday (November 4, 2024)
• Bearish Bias: The overall trend remains bearish if XAU/USD continues to trade below $2,745.91 (New York VWAP) and fails to reclaim $2,749.54 (London VWAP) or $2,752.20 (Tokyo VWAP). The key downside levels to watch are $2,733.04 and $2,730.66, with further declines likely if these support zones break.
• Potential Bullish Reversal: A break and hold above $2,745.91 could suggest a shift in sentiment, with $2,752.20 acting as a key confirmation level for a bullish move.
• Range Trading: Prepare for possible consolidation if no decisive movement occurs, especially if Monday opens with low volatility.
Important Note: Stay vigilant for any economic events or news releases over the weekend that could impact the gold market, and be prepared to adjust your strategy accordingly.
Friday’s Closing Analysis (November 1, 2024)
• Closing Sentiment: On Friday, November 1, 2024, XAU/USD closed at approximately $2,734.47, below the New York VWAP of $2,745.91, and marginally above critical support at $2,733.04 (London Session Low).
• Bearish Pressure: The price action throughout Friday remained bearish, as the market failed to break above significant resistance levels such as the Tokyo VWAP at $2,752.20, indicating sustained selling pressure.
• Key Support and Resistance:
• Immediate Support Levels: $2,733.04 (London Session Low) and $2,730.66 (Bollinger Band Lower)
• Resistance Levels: $2,745.91 (New York VWAP), $2,749.54 (London VWAP), and $2,752.20 (Tokyo VWAP)
Monday’s Tokyo Session Projection (November 4, 2024)
1. Scenario 1: Bearish Continuation
• Expectation: If the bearish momentum from Friday persists into Monday’s Tokyo session, XAU/USD may experience further downside movement. Continued selling pressure would likely push the price to retest lower support levels.
• Key Levels:
• Initial Target: $2,733.04 (Friday’s significant support level). A break below this level could drive the price to the next support at $2,730.66 (Bollinger Band Lower).
• Extended Downside Target: $2,720.00, a previously significant support area.
• Strategy:
• Sell Stop Order: Place a Sell Stop at $2,732.50, just below $2,733.04, to capitalize on a potential breakdown.
• Stop Loss: $2,740.00, above resistance levels to limit risk.
• Take Profit: $2,720.00, capturing the full bearish move.
2. Scenario 2: Bullish Reversal
• Expectation: If buyers perceive value at lower levels or if there is a fundamental catalyst, a bullish reversal may occur. However, the price needs to reclaim and hold above key resistance areas to confirm the reversal.
• Key Levels:
• Immediate Resistance: $2,745.91 (New York VWAP). A sustained move above this level would signal potential bullish momentum.
• Confirmation Level: $2,752.20 (Tokyo VWAP). A breakout here would reinforce a bullish case.
• Strategy:
• Buy Stop Order: Place a Buy Stop at $2,746.00, just above $2,745.91, to catch an upward move.
• Stop Loss: $2,738.00, just below support to manage risk.
• Take Profit: $2,752.00, targeting the Tokyo VWAP level for a potential retracement.
3. Scenario 3: Consolidation
• Expectation: If no clear directional momentum develops, XAU/USD could consolidate between $2,733.04 (support) and $2,745.91 (resistance). An external catalyst, such as economic data or geopolitical news, may be required to initiate a breakout.
• Strategy:
• Breakout Setup: Position Buy Stop and Sell Stop orders around these key levels to capitalize on a breakout.
• Stop Loss: 15-20 pips from the entry to manage risk effectively.
• Take Profit: 30-40 pips depending on the direction and strength of the breakout.
Overall Sentiment for Monday (November 4, 2024)
• Bearish Bias: The overall trend remains bearish if XAU/USD continues to trade below $2,745.91 (New York VWAP) and fails to reclaim $2,749.54 (London VWAP) or $2,752.20 (Tokyo VWAP). The key downside levels to watch are $2,733.04 and $2,730.66, with further declines likely if these support zones break.
• Potential Bullish Reversal: A break and hold above $2,745.91 could suggest a shift in sentiment, with $2,752.20 acting as a key confirmation level for a bullish move.
• Range Trading: Prepare for possible consolidation if no decisive movement occurs, especially if Monday opens with low volatility.
Important Note: Stay vigilant for any economic events or news releases over the weekend that could impact the gold market, and be prepared to adjust your strategy accordingly.
Mohamed
THE Ichimoku MAN on the Nile
#traders4traders
you are welcome to join my Telegram channel, Ichimokuonthenile.
for GOLD follow this link: t.me/GOLDontheNILE
youtube youtube.com/@ICHIMOKUontheNILE
THE Ichimoku MAN on the Nile
#traders4traders
you are welcome to join my Telegram channel, Ichimokuonthenile.
for GOLD follow this link: t.me/GOLDontheNILE
youtube youtube.com/@ICHIMOKUontheNILE
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