GOLD $XAUUSD - Feb. 18th, 2024GOLD OANDA:XAUUSD - Feb. 18th, 2024
BUY/LONG ZONE (GREEN): $2019 - $2072
DO NOT TRADE/DNT ZONE (WHITE): $1990 - $2019
SELL/SHORT ZONE (RED): $1939 - $1990 (adjustable)
Overall on the high timeframes Gold is bullish with supporting structure. The daily timeframe recently broke out of a range to the downside, but is now heading back to a retest of the bottom level of the range (around 2019). Bulls can look for longs around the 2019 level as this would be the breakout area that would not mark this as a bullish trend again. Bears can look for entries: 1. as early as 2019 with a retest of the bottom level of the range and a rejection, 2. currently around the 2012 channel level, 3. but safely around 2001.5 as this was the start of the 4h bullish structure/momentum.
Weekly: Bullish
Daily: Lean Bearish (until test of previous range bottom level)
4H: Bullish Momentum/Developing Bullish Structure/Bearish Channel
This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas.
ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!
