Gold Spot / U.S. DollarUpdated Gold Spot Price Action and SMC Analysis: Potential Buy Setup
XAUUSD Gold Spot Price Action and SMC Analysis: Potential Buy SetupChart Analysis:
The chart shows the Gold Spot price against the U.S. Dollar (XAU/USD) on a 4-hour timeframe, published on TradingView. The chart is annotated with various technical analysis tools and indicators, including trend lines, Fibonacci retracement levels, volume profile, and moving averages.
Price Action Analysis:
The price is currently in an uptrend, as indicated by higher highs and higher lows.
A significant bullish breakout (BOS - Break of Structure) is observed above the previous resistance level around 2700.
The price is trading above the 50-period moving average, which is acting as dynamic support.
Smart Money Concepts (SMC):
The chart shows a clear accumulation phase followed by a markup phase, indicating strong buying interest.
The price has broken above the key resistance level (BOS) and is now retesting this level, which could act as support.
The volume profile shows a high volume node around 2647.986, suggesting strong support at this level.
ICT Elliott Wave Analysis:
The chart displays an Elliott Wave pattern with labeled waves 0-1-2-3.
The current price action suggests the completion of wave 3, with a potential retracement to wave 4.
Fibonacci retracement levels are drawn from the low of wave 2 to the high of wave 3, with key levels at 0.382 (2703.61456), 0.5 (2697.075), 0.618 (2690.53544), 0.705 (2685.7139), and 0.786 (2681.22488).
Buy Strategy:
Entry: Buy at the retest of the breakout level around 2700.
Take Profit 1 (TP1): 2721.420 (21.42 pips)
Take Profit 2 (TP2): 2726.295 (26.295 pips)
Stop Loss (SL): 2685.7139 (14.2861 pips)
VIP Signal:
Entry: 2700
TP1: 2721.420 (21.42 pips)
TP2: 2726.295 (26.295 pips)
SL: 2685.7139 (14.2861 pips)
This analysis integrates various strategies, including Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave Theory, to provide detailed buy strategies. The key levels identified offer optimal entry and exit points, ensuring a balanced risk-reward ratio for traders.
Note
Gold price comming at 2799 get ready to enter the TradeNote
Gold price comming at 2700 get ready to enter the Trade
Trade active
its called Patience Trade wait for turn and enter the market at the right time and take larger profits from swing TradesEntry: 2700
TP1: 2721.420 (21.42 pips)
TP2: 2726.295 (26.295 pips)
SL: 2685.7139 (14.2861 pips)
Trade closed: target reached
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Alex Gold Hunter
Free Signals & analysis
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bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
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