GOLD (XAUUSD): Important Supports & Resistances for Next Week
Here is my latest structure analysis for Gold.
Vertical Structures
Vertical Support 1: Falling trend line
Vertical Support 2: Falling trend line
Horizontal Structures
Horizontal Support 1: 3231 - 3286 area
Horizontal Support 2: 3121 - 3177 area
Horizontal Resistance 1: 3372 - 3404 area
Horizontal Resistance 2: 3427 - 3423 area
Horizontal Resistance 3: 3492 - 3500 area
Consider these structures for pullback/breakout trading.
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GOLD (XAUUSD): Strong Bullish Pattern
Following my previous analysis, Gold in going up.
Your next signal to buy will be a bullish breakout
of a neckline of an ascending triangle pattern on a 4H time frame.
A 4H candle close above 3392 will confirm a violation.
Next resistances will be 3408 / 3428
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GOLD (XAUUSD): Sense of Fear?!
As the Russia-Ukraine peace talks are going today,
Gold shows clear signs of worry.
The market turned bullish after the opening and is currenty
breaking a resistance line of a bullish flag pattern on a daily
that we discussed earlier.
To confirm the violation, we will need a daily candle close above that.
As the results of the talks are still unknown, more moves may occur today.
So the today's close will be very important.
Let's patiently wait.
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GOLD (XAUUSD): Detailed Daily Time Frame Analysis
Gold is officially in correction now.
Analysing a price action on a daily time frame,
we can see a valid bullish flag pattern.
A minor trend that we see within the boundaries of the flag
reflects a global overbought state of the market.
The upper boundary of the flag is a strong vertical resistance
that concentrates a selling interest.
An accurate signal of a resumption of a bullish trend will be
a breakout and a candle close above that.
A bullish wave will be expected at least to 3420 then.
Remember that we can not predict how long the market will
keep trading within the flag. Also, the market may easily
drop lower within that, updating the low.
If a correction continues below the low of a flag pole,
that may signify a global bearish reversal.
Of course, from a current geopolitical and economic perspective
it is a low-probability scenario.
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GOLD (XAUUSD): More Growth Ahead?!
Gold violated a significant intraday horizontal resistance on Friday.
The broken structure and a rising trend line compose a strong
contracting demand area now.
It will be a perfect spot to try to buy Gold after a pullback.
Next goal for the buyers will be 3400.
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GOLD (XAUUSD): Support & Resistance Analysis For Next Week
Here is my latest structure analysis and
important supports & resistances for Gold for next week.
Support 1: 3120 - 3167 area
Support 2: 2957 - 2982 area
Resistance 1: 3193 - 3238 area
Resistance 2: 3427 - 3425 area
Resistance 3: 3483 - 3501 area
Consider these structures for pullback/breakout trading.
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GOLD (XAUUSD): Selling Now is HIGH RISK
The head & shoulders pattern that I spotted earlier
perfectly played out and we saw a strong bearish move after the
NY session opening.
HOWEVER, be extremely careful.
Many traders started to sell heavily, anticipating an extended bearish reversal.
For now the price nicely respected 3000 psychological support
that previously was a resistance.
I suggest not placing any short trades this week.
Let's wait till Monday and how the market opens.
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