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Will Gold Prices Bounce Or Slide?The gold market is currently experiencing high volatility, making it essential to exercise caution. Key levels to watch: - Break above 2523: Potential buying opportunity - Break below 2518: Potential selling opportunity Traders are advised to closely monitor these levels and adjust their strategies accordingly. Stop-losses (SLs) are recommended to mitigate risk. Stay vigilant and adapt to market changes to capitalize on potential trading opportunities.
FOREXCOM:XAUUSD
by sabellaFX
2
#SPX intermarket analysisAs observed, the SPX and Copper have shown a strong positive correlation over the past few weeks, often forming tops and bottoms simultaneously. Given that Copper recently failed to break above a long-term bearish channel upper line and has broken its structure to the downside, we might expect a similar move in the SPX. However, when trading SPX based on this intermarket analysis, it's crucial to wait for a price confirmation in the SPX itself before taking any action.
FX:COPPERShort
by mohemati
UMA - Three D(r)ives Down PATTERNUMA is approaching an ideal buy-back zone whilst forming an important chart pattern - the Three Dives Down Pattern. This pattern goes by many names including Three Drivers, Three Drives Down and Three Dives Down (which is the one I prefer to use). This pattern is bearish for the SHORT term, but bullish for the NEAR and LONGER term. It's important to note that this analysis is from a macro timeframe, with the aim on identifying the key buy-back or re-accumulation zone. From the daily and lower timeframes, the price could easily increase by large amounts however, keep in mind we're looking for an accumulation zone not for swing trades in this post. ________________________________ BINANCE:UMAUSDT
by CryptoCheck-
Gold Short-Term Dip with Long-Term Bullish PotentialGold presented an excellent opportunity for traders today, with the market favoring the bears. Despite this short-term bearish momentum, the long-term pattern for gold remains bullish when considering the broader fundamentals. Notably, gold has recently created an all-time high (ATH), which further strengthens its bullish outlook in the long run. Currently, gold is trading around the $2,480 level, where it has found a key support zone. The price action at this level suggests a potential rebound. I anticipate that gold will bounce back from this support and make its way towards the $2,500 level, where it will likely retest the resistance. Traders should keep a close eye on this support level, as a successful rebound could signal a continuation of the long-term bullish trend. However, if the bears manage to break this support, we could see the market fall to the $2,445 level. Keep your eyes open when the market opens, as it may provide hints about the next move for gold. Caution is advised, as market dynamics can shift quickly, and it’s essential to stay updated with the latest market developments.
OANDA:XAUUSDLong
by SaadFiaz