Gold's 4K TargetRoad map to $4000 gold is most likely AFTER the next scary correction.
#gold #recession #capitalrotation
GOLD.PRO.OTMS trade ideas
GOLD ROUTE MAP UPDATEHey Everyone,
Great start to the week with our plans to buy dips playing out perfectly!
Market opened with a gap down hitting our bearish target at 2636 followed with a cross and lock opening the retracement range. 2728 Goldturn was hit perfectly followed with a bounce into 2736 and now heading towards 2746.
We already had a candle body close above 2746 before market open with a gap above at 2752. Ema5 cross and lock above 2746 will open the full range above. Failure to test and break 2746 will see price test the lower Goldturns again, keeping in mind the full retracement range.
We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends.
EMA5 CROSS AND LOCK ABOVE 2746 WILL OPEN THE FOLLOWING BULLISH TARGET
2752
2762
BEARISH TARGETS
2736 - DONE
EMA5 CROSS AND LOCK BELOW 2736 WILL OPEN THE RETRACEMENT RANGE
RETRACEMENT RANGE
2728 (DONE) - 2720
EMA5 CROSS AND LOCK BELOW 2720 WILL OPEN THE SWING RANGE RANGE
SWING RANGE
2707 - 2692
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
trailblazing women who took Wall Street by storm these incredible women have paved a way for female investors and traders around the world showing great resilience and fearless mentality despite facing gender discrimination going on to achieve great things in the financial field, motivating the future generation of young women that they too can achieve the unthinkable.
1. HETTY GREEN
the witch of wall street
also referred to as "the woman who loved money" born November 21, 1834 and also believed to have been the richest woman in America before the time of her passing, Hetty Green started her financial/business journey from a young age through the influence of her father who was a successful agent, oil manufacturer, and Quaker, who encouraged her to read and study financial texts when she was a young girl, he believed that even women needed to understand the dealings of money, business and overall how the financial world operates.
She is best known for turning an inheritance of between 3 - 7 million to 100 million U.S dollars approximately $2.5 billion in today's money. She did this by investing in U.S government bonds, stocks, real estate and railroads and providing financial support during crises, most especially the Panic of 1907, making her a reputable investor and financier, using a buy low, sell high strategy and impeccable psychology facing markets militantly and unafraid even in times of panic.
2. VICTORIA WOODHALL
the first woman to run for presidency
born September 23, 1838, Victoria came from a very poor background, with the influence of their father she and her sister sold herbs and potions posing as spiritualists and healers they caused them to live a on the run from one place to another due to unsatisfied customers/patients.
Their nomadic lifestyle led them to Manhattan were they caught the attention of railroad magnate Cornelius Vanderbilt, who it was believed they helped him keep in contact with his dead wife he in return offered them financial advice and through this connection they were able to open the first female owned brokerage in wall street in 1870 called WOODHULL, CLAFLIN and CO with clients of high society women, rich widows and high value prostitutes, this become a success earning them over $700 000 about 2million today. She used this money to further her goals and fund her campaign to run for presidency.
3. ISABEL BENHAM
madam railroad
born 1909, in the 1920s Isabel enrolled at a women only college called Bryn Mawr in Pennsylvania, with a strong desire to study economics and work in wall street it has a great tragedy to find that the school offered no economics courses but Isabel insisted the college offer economics studies and made history by being 1 of 5 women to graduate from the college with a degree in economics.
after graduation, living in times of the great depression also facing daily gender discrimination this did not stop her from pursuing her dreams to work in wall street, she started a side hustle by selling magazine subscriptions and later landed a job as a bond strategist on wall street bond house R.W Pressprich and Co. and due to her resilience and hard work providing accurate reports of the railroad industry became their first female partner and first woman as a partner of a wall street bond house and first woman to be appointed Board of Directors for a railroad.
4. MURIEL SIEBERT
the first lady of finance
born 1928 without graduating from any college her finance career started by being a finance research trainee and grew her expertise by working in various brokerages.
through hard work and determination by year 1967, despite numerous failed attempts and rejection she became the first woman to have a seat on the BYSE being the only woman among 1,365 men which was a remarkable achievement.
she went on to co-found Siebert and Co a broker- dealer in 1969 and when the the NYSE jettisoned it's 183 year old tradition allowing it's members to negotiate broker commissions her company became America's first discount brokerage also being owned by a woman.
by year 1977 she hit another incredible career milestone by being appointed superintendent of Banks for New York state, overseeing all NEW YORK banks with no banks failing in her 5 year term.
5. GERALDINE WEISS
grand dame of dividents
considered one of the best female investors/ traders of the 20th century, learning about investing by reading investing texts like Security Analysis by BENJAMIN GRAHAM and studying business and finance earning a degree at the University Of California.
with her advanced knowledge about investing she was still unable to get any job position higher than secretary due to gender discrimination in the male dominated industry but this did not put out her fuel and and undying desire to become be involved in the investment community and by age 40 she started her investment newsletter called "Investment Quality Trends" under a pseudonym "G. Weiss" to hide her gender as at the time many believed no woman can make successful investments and did this for a decade with her subscribers thinking she is a male it was only in 1977 when she appeared on TV program "wall street with Louis Rukeyser" that she revealed her gender this now with her newsletter being a success with accurate analysis asserting that dividend yield is a key valuation measure that how she got her nickname.
hope this inspires more women to be more active in the trading world.
Whatever women do they must do twice as well as men to be thought half their inferior. Luckily, this is not difficult.
– Charlotte Whitton
put together by : Pako Phutietsile as currencynerd
XAUUSD Pullback Set-Up Demand at 2722 Targeting 2700The XAUUSD (gold) market has a strong initial demand zone at 2722-17 , where a pullback is expected before facing resistance at 2747-53 , which is forecast as a significant supply level. Our major aim is 2700 , which corresponds to a robust daily demand zone.
Geopolitical developments are boosting gold's appeal as a safe-haven asset. Heightened tensions in the Middle East, as well as the ongoing conflict between Ukraine and Russia , have added to risk aversion, attracting investors to gold. Furthermore, the forthcoming presidential election in the United States on November 5 creates uncertainties about prospective fiscal policy moves. Historical trends demonstrate that election outcomes frequently cause volatility in gold as investors hedge against policy changes. These factors are strengthening demand at important levels, which aids our understanding of potential retracements and target zones.
If you find this analysis helpful, please consider boosting this idea. Thanks!
Gold Price Is About To Hit Lao Doc? Opportunity To Take Profit!Today, gold is showing signs of a potential bearish move on the technical front, highlighted by a significant crossover between the 34 EMA and the 89 EMA on the hourly chart. This crossover point, in theory, often indicates a potential trend reversal, suggesting a shift from recent bullish momentum to a potential bearish trajectory.
Technical Analysis Overview:
As illustrated on the provided chart, gold is currently trading around $2,736, with key support levels identified below. Targets for a bearish move are charted at approximately:
Target 1: Near $2,720, which aligns with recent support zones.
Target 2: Around $2,710, which provides deeper support if price falls below the first target.
Key Factors:
USD Strength: The recent strengthening of the US dollar has put downward pressure on gold prices, as investors typically view the dollar and gold as having an inverse relationship. Any further strengthening of the dollar could reinforce the bearish move for gold.
Interest Rate Expectations: Market participants are closely watching for any indications from the Federal Reserve regarding future interest rate hikes. Higher interest rates typically weigh on non-yielding assets like gold, making them less attractive to investors.
Geopolitical Tensions: While geopolitical factors have supported gold prices in recent weeks, any easing of tensions could lead to reduced safe-haven demand for the metal.
Trends and Strategy:
With the recent EMA crossover signaling a potential trend reversal, traders may consider a short position with conservative targets, initially focusing on the $2,730 level. If the price breaks below this level, the next support level at $2,720 could act as a secondary target.
GOLD UPDATE ⟶ MAXIMUM GROWTH HIT – IS A DROP COMING?Hey everyone! 👋
In my opinion, #GOLD has experienced a lot of growth and has already hit its weekly and monthly targets, so it might be due for a correction (drop) 📉. If it does continue to grow, it might only reach the second monthly target at 2811.140 before starting a drop.
**My short-term growth plan:**
Check out the chart on the left.
In the 15-minute time frame, and considering the recent gradual drop, #GOLD could start another growth if it breaks its daily resistance (2782.823) on the 15-minute time frame 📈.
This growth could continue to the following targets:
- **Target 1:** 2794.722 🎯
- **Target 2:** 2801.968 🎯
- **Target 3 (final):** 2811.140 🎯
**Stop-Loss for the growth scenario:**
Based on the 4-hour time frame - check the chart on the right.
Given the maximum growth #GOLD has experienced, if the price drops before confirming the growth condition in the 15-minute time-frame, and a cross occurs in the MACD indicator on the 4-hour time-frame (confirming a triple divergence), a drop will begin from this area without any further growth ❌.
This drop could be significant and, in the first step, could reach the following targets:
- **Target 1:** 2738.165 📉
- **Target 2:** 2688.395 📉
- **Target 3:** 2597.415 📉
XAU/USD shorts from 2,760 or Longs from 2,720This week, my analysis suggests that gold may continue to drop, targeting the trendline liquidity formed below. Once that liquidity is taken out, I anticipate a bullish reaction, potentially around the demand zone I have identified. If the price retraces up to the supply zone, I’ll look for potential sell opportunities to follow this short-term bearish trend.
Since my overall bias is bullish, I am more inclined towards long positions due to the higher time frame outlook. However, if the price surpasses any of my nearby Points of Interest (POIs), I’ll watch for a deeper retracement around the demand at 2,680 or the supply at 2,780.
Confluences for Gold Sells:
- Price has shown a bearish shift on the higher time frame.
- Supply zones remain on both the 1-hour and daily charts.
- There is significant trendline liquidity below, providing a target for further downside movement.
- The dollar has been moving bullishly, which aligns with a potential drop in gold.
- Gold has been in a strong bullish trend and may be showing signs of exhaustion, hence the recent heavy decline.
P.S. I’ll stay vigilant and assess where the price moves first. If price breaks structure to the downside, I’ll have a stronger inclination to sell.
Have a great trading week!
Short From Premium AreaMy current bias on gold is bearish. The weekly candle swept upwards and then closed inside, so our draw on liquidity will be the low of the previous candle. The narrative is that price will go into the premium area, tap into the one-hour zone, and from there we’ll look for short positions, with our targets set on the chart
Gold prices continue to rise from $2750What do you think about gold today? Let's discuss and strategize for the day!
Gold (XAUUSD) fell significantly yesterday, with prices falling below $2,780 and now hovering around $2,750 — marking its best recovery since mid-October. So, what's driving the metal?
Key drivers:
Gold's uptrend is supported by fundamentals, especially the possibility of the Fed pausing rate hikes if inflation continues to slow. Additionally, geopolitical tensions and a weaker US dollar are boosting gold's appeal as a safe-haven asset.
XAUUSD's new outlook:
If gold holds within its current rising channel and breaks above the key resistance level of $2,790, we could see gold prices reach new highs, heading towards $2,820 or higher.
Short-term levels to watch:
Major support: $2,740 - $2,750
Major resistance: $2,780 - $2,790, with the next target at $2,820 - $2,830
NFP Set to Rock Gold: Last Opportunity for a Well-Timed ShortMarket analysis: Brothers, today's gold market continues to be bearish! The short orders arranged before the release of yesterday's data have brought us a lot of benefits, and we have seized the lucrative profits of the decline in gold. Tonight, heavy data will be released one after another: the US October non-farm employment data, unemployment rate and ISM manufacturing PMI index will form a triple impact on the gold market.
These data are expected to put bearish pressure on gold, but considering the sharp drop the day before, today's downside may be limited because the market has partially digested the bad news. Therefore, today may be the last short-selling opportunity this week. Next week, with the landing of the US election, the market is expected to turn to favor gold.
So how to arrange it, you can look at the candlestick chart, 2756-2758 is currently an important pressure point, so the strategy before the data is released is to short the market near this pressure point!
Trading strategy:
Layout before data release: short in the key pressure area of gold
Take profit target: 2735-2740
Stop loss setting: 2770
Strategy ideas to follow the trend: As the last trading day of this week, we will arrange short orders before the data is released, and start to arrange long orders next week to follow the trend.
Detailed strategies and operation points have been released to each VIP member. If you need further guidance, please join the VIP group to get exclusive strategies!
XAUUSD BuyBuy gold before NFP
If 4hr candle breaks and close above 2749
1st target 2758.3
2nd taget 2774
3rd taget 2782
Bonus taget 2790.1 or NEW all time high if middle east war escalate.
Sell if 4hr candle breaks and close below 2740.6
1st Target 2731.6
2nd target 2722.6
Trade Safe
GOLD Analysis | Intraday Chart ForecastGold prices rise in early European trade after sliding in the previous session, with investors awaiting U.S. payrolls data for more insights on the Federal Reserve's next policy move. Futures trade 0.5% higher at $2,764.00 a troy ounce following a 2% fall on profit-taking and increasing bets that the U.S. central bank will take a more cautious approach to rate cuts in the months ahead. "The fact that the core PCE rose the most on a monthly basis since April--along with strong spending and robust growth data released earlier this week--trimmed the Fed cut bets," Swissquote Bank's Ipek Ozkardeskaya says in a note. Still, prices continue to be supported by strong demand for safe-haven assets due to heightened geopolitical risks in the Middle East and uncertainty around the U.S. election.
🔴 TECHNICAL ANALYSIS
-------------------------------
That said, Gold failed the bullish impulsive structure triggering a bearish leg that pushed the price directly to the potential support area around 2732. If Gold manages to hold this area (already touched once), we do not exclude an irregular wave B, with a potential new Top in wave 5. If our impulsive structure had not failed, above the 2,800 area it would have been interesting to try to sell Gold (see chart/analysis below). That said, let's take one step at a time, and therefore our focus will be on the support area, for now.
📊 POTENTIAL SELL TRADE
-----------------------------------
Thanks for watching & support.
XAUUSD / UNDER CHOICE PRESIDENT AMRICAN / 4HXAUUSD / 4H TIME FRAME
HELLO TRADERS
Market Influence of Election Results:
The text suggests that if Donald Trump wins the election, it could impact the financial markets by increasing the price of gold and decreasing the value of the dollar. This reflects the common market reaction where political uncertainty or risk can lead to a “flight to safety” in assets like gold.
Current Gold Price Levels:
• The current price range mentioned is between $2,728 and $2,709. This is described as a support or stabilization zone, where prices are attempting to maintain a level above $2,709.
• If the price stabilizes above this range, there’s an expectation that gold could continue to rise, aiming for a “Fair Value Gap” (FVG) between $2,756 and $2,772. Above this FVG, there is a “supply zone” where upward momentum might slow or reverse due to selling pressure.
Downward Scenario:
• If the gold price falls below $2,709, it suggests a possible decline toward the “demand zone” between $2,688 and $2,672. A demand zone indicates a level where buyers might come in, potentially stopping or reversing the price decline.
Overall Trend:
• The text concludes that gold is trading under upward pressure, meaning that current market sentiment is biased toward price increases. This could be influenced by factors like inflation concerns, economic instability, or political uncertainties tied to the election.
Gold within stagnation zone due ElectionsTechnical analysis: Trading continues on very Low rate and Volatility on most levels is easing. Since #2,752.80 benchmark I mentioned many times on my remarks got invalidated and Gold is unable to stage recovery attempt above it, Bearish pattern on Hourly 4 chart reversed the Price-action towards #2,722.80 Support extension (Monthly Low's) and besides Sellung pressure evident throughout yesterday's and today's session, that was maximum for Buyers (at least for for current fractal). Daily chart is even more Bearish than its Moving Averages suggest (and break of former Ascending Chanel and trendline) so another candle is required to cross in Bearish values and reveal true Nature of the future trend which will restore the Selling bias according to my estimations. I am still looking for a complete frame fill at #2,700.80 benchmark first then #2,652.80 benchmark in extension if post-Election candles arrive and global economy feels significant relief which will add confidence into all asset classes and safe-havens such as Gold may lose (Investors losing interest).
My position: As it was the case many times before, pre-Election candles carry thin Volume usually so I will monitor the Price-action from sidelines.
Top Resistance Points in XAUUSDOur XAUUSD market analysis highlights a key sell level at 2750-2756, with an extreme sell zone around 2772-2776, where we expect significant selling pressure to develop. These levels are critical for those looking to capitalize on potential resistance in XAUUSD.
On the buy side, our support area is set at 2702-2698 , suggesting a buy opportunity if the price revisits this range. However, given today's emphasis on the sell zones, these levels may see stronger market activity. Keep an eye out for any major USD news today, as it could impact these levels.
If this analysis adds value to your trading strategy, a boost would be greatly appreciated—it’s always motivating to know my insights are valuable!
Gold on slide aftermath / Medium-term Buy orders closed with TGNew meta: As it was evident recently on my commentaries, I have been engaging Medium-term Buying orders (#2.0 and #3.0 Volumes) #3 times in a row now and first two times it was sharp #100-point Profits. Previous two orders were engaged on #2,712.80 and since #2,790.80 was Fibonacci Ultimate Top's I have decided to close both of them there / delivering #78-point Profit on both of orders. I could officially await #2,800.80 benchmark or more however I took a safe path and closed my orders with #78-point Profit on both of them / Highly satisfied however since Elections are approaching, I will not make any more moves since Elections can finally deliver certain Selling action on Gold (as markets may have some confidence after voting) which may cause safe-haven assets such as Gold to lose and riskier assets to gain on Medium-term.
Intra-day / Short-term: The #2,772.80 former strong Support now turned in Resistance was crossed and Gold was Technically ready to accomplish new local Low’s (major break-out I announced if it gets invalidated). This will be essentially a Higher High's Lower zone first on Descending Triangle validating my expectation of an #10 to #15 point Trading range (Rectangle) on however aggressive pace for the next #1 - #2 session horizon. The (#1W) Weekly candle is now at (# +1.05%) and the week will most likely close on a positive note following last candle's (# +2.28%). I will take advantage of the Higher High’s Lower zone, giving distinguished Buying order within this relief rally / Bullish Intra-week cycle and Profit on wide timeframes for reduced Risk as I still maintain my Buying order (Buying every Bottom) which I engaged on #2,735.80 (ideally I expect to close the position above #2,752.80 benchmark). Keep in mind that this is NFP session as I am looking at #2,727.80 test initially if NFP delivers upside surprise.
My position: As discussed above, I do expect upside surprise on NFP announcement and if that's the case, Gold may spike towards #2,727.80 Support zone in extension. I will close my current Buying order as Higher as I can and will look to re-Sell Gold ahead of NFP numbers. Overall another excellent week.
Gold is approaching its all-time high as the market awaits major
With the strong recovery of the US economy, market expectations for future interest rate cuts by the Federal Reserve have gradually weakened. The 10-year Treasury yield rose to a three-month high on Monday, which usually puts pressure on gold prices. The US dollar index rose 3.6% in October, its best monthly performance since April 2022, making gold less attractive to overseas buyers. Although it is facing some pressure at present, the uncertainty of the general election may curb selling activity, and any action may have a greater impact on gold prices.
In terms of geopolitics, tensions between Israel and Iran remain the focus of market attention. Iranian Foreign Ministry spokesman Bagae said that Iran will not give up its right to respond to Israel's "aggression", emphasizing that under international law, countries that have been aggressed have the right to fight back. This statement may exacerbate market uneasiness and drive demand for safe-haven assets.
The Israeli Defense Forces completed a "precision strike" against Iran on October 26. Although the attack was small in scale, it still caused market concerns about the future situation. The Iranian military claimed to have successfully defended against the Israeli attack. This tension may continue to affect market sentiment in the coming weeks, and thus affect gold prices.
The strength of the dollar makes gold more expensive in dollar terms, which has dampened the willingness of overseas investors to buy. The market is confident in the strong performance of the US economy, especially in the job market and consumer spending, which has driven the further appreciation of the dollar.
The policy direction of the Federal Reserve will have a profound impact on the gold market. The market generally expects the Federal Reserve to discuss future interest rate strategies at its policy meeting on November 6-7. According to market expectations, the possibility of a rate cut remains, but market expectations for a rate cut have gradually weakened due to the strong performance of economic data. Federal Reserve officials expressed optimism about the economic outlook in recent speeches, believing that the current unemployment rate and inflation levels are within an acceptable range. This optimism may lead to changes in market expectations for future rate cuts, which will affect gold prices.
Because U.S. Treasury yields rose and the dollar strengthened, while investors were waiting for a series of heavyweight U.S. economic data and risk events to be released this week for clues about the Fed's interest rate outlook, but the uncertainty of the U.S. election and concerns about the geopolitical situation still provided safe-haven support for gold prices, so gold fluctuated upward on Monday. After the opening of today's market, the price of gold has risen strongly. At present, the short-term upward trend of gold remains good, so today investors continue to pay attention to the 2740 area of the 1-hour upward trend line support below, and continue to go long on gold after gold pulls back and stabilizes.
The JOLTs job vacancy data for October to be released today will become the focus of investors' attention. This data reflects the supply and demand situation in the labor market. At the same time, the US ADP employment data, personal consumption expenditure (PCE) data, and non-farm employment report will be released this week. These data will directly affect the market's expectations of the Fed's future policies.
If you are interested in my analysis, please comment and tell me, thank you
XAUUSD RALLYTomorrow is the big day, all assets might break down and aim at lower lows and key levels, espcially in the US ;
USD, GOLD, BTC and NASDAQ will all be touched by this ;
other currencies as well but less importantly.
Gold market trend analysis and operation strategyI personally prefer to rebound to around 2680. Whether it will break through 2680 depends on the market conditions in the past two days. Of course, even if it reaches 2680, it is expected to be next week. At present, the price has fallen more in the 4-hour level, and the technical pattern has followed quickly. At present, the K-line continues to be under pressure and the short-term moving average remains weak. After the opening of the hourly level, it fell below the previous terraced support belt. In the short-term trend, pay attention to whether there is a secondary decline after the rebound repair. In the early trading, the gold 2662 line arranged short orders, and fell back to the 2643 line as expected to harvest a wave. Now the 1-hour chart 2667 line is blocked, which happens to be the pressure of the downward trend line. If it can't get through here, the short-term trend may still fluctuate! ! ! On the whole, today's short-term operation strategy for gold is to short on rebounds and long on pullbacks. The short-term focus on the upper side is the 2668-2670 resistance line, and the short-term focus on the lower side is the 2600-2605 support line. Friends must keep up with the rhythm
Short (buy down) two-tenths of the position in batches near 2667-2670 in the early trading of gold, stop loss 6 points, target near 2640-2620, break to see the 2605 line
Gold pulls back to 2600-2605 and buys two-tenths of the position in batches (buy up), stop loss 6 points, target near 2615-2625, break to see the 2640 line
Gold Price Outlook: Key Insights for Next Weeks Trading DecisionIn this video, we dive into the latest Gold (XAU/USD) market analysis and review the impacts of recent U.S. economic data on Gold prices. On Friday, Gold saw high volatility, with prices hitting the $2,760s following a weaker-than-expected Nonfarm Payrolls (NFP) report. However, a sell-off brought prices back down to the $2,740s as additional data from the Institute of Supply Managers (ISM) showed mixed economic signals.
Will gold continue its strong performance, or could a new catalyst shift the trend?
📌 Stay tuned as we navigate the next big moves in the Gold market!
#GoldAnalysis #XAUUSD #ForexTrading #GoldPrice #NFP #ISMData #SafeHaven #GoldMarketAnalysis #WeeklyGoldOutlook #EconomicData #GoldTrading#economicuncertainty📺🔔💼
Disclaimer Notice:
Trading in the foreign exchange market and other instruments carries a high risk and may not be suitable for all investors. The content provided here is for educational purposes only. Evaluate your financial situation and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.
Lingrid | GOLD Weekly MARKET OutlookOANDA:XAUUSD spent half of the week trading sideways between the 2710 and 2750 levels, remaining within Wednesday's range. This sideways movement created liquidity above and below these levels, and if the market tests these zones, we can anticipate some volatility.
On the weekly timeframe, the market formed a small candle, indicating a pause in the bullish momentum. Ideally, I would like to see a false breakout below the previous week's low, followed by a continuation of the bullish trend. Conversely, breaking above this week's candlestick would be very bullish.
On the daily chart, we've seen the formation of a bullish flag, which suggests a potential upward movement towards 2800. I believe that gold could eventually reach 3000 by the end of the year, although the path there is unlikely to be straightforward. Next week, we have a significant amount of high-impact news, which will likely to inject some volatility into the markets, so we should exercise caution. Overall, I see any pullback as an opportunity to go long.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Multi-Timeframe Insights and Potential Reversal Points!OANDA:XAUUSD
Multi-Timeframe Analysis (2Hr - 4Hr)
1st - Falling Wedge (2Hr)
2nd - Head and Shoulders (4Hr)
3rd - Bearish Divergence (Daily)
4th - Extreme Overbought (Weekly)
1 - Falling Wedge Pattern (2-Hour Chart)
On the 2-hour chart, we identified a falling wedge pattern suggesting potential price movements. Initially, the price may decline from the breakout line, potentially reaching the 2724 - 2714 range. After reaching this level, we expect a bounce towards 2754 - 2762.
If the price falls from the breakout line and reaches 2714 - 2724, it’s important to closely monitor the 4/8 Murray Math Level (MML) at 2734 during the bounce, as this Major Resistance level could cause a decline.
Falling Wedge Target: 2783
However, around 2754 - 2762, prices may face resistance as the Head and Shoulders pattern completes, potentially signaling a reversal point.
2nd - Head and Shoulders Pattern (4-Hour Chart)
On the 4-hour chart, the left shoulder and head have completed, with the right shoulder partially formed. After the right shoulder completes, we anticipate a potential drop towards the neckline, which lies between 2724 - 2714. Should this level break, the Head and Shoulders pattern projects targets at 2675 and further down at 2656.
3rd - Bearish Divergence (Daily Chart)
Daily chart analysis reveals a bearish divergence, signaling a possible downside. Bearish divergences often indicate weakening momentum and could precede price declines.
4th - Extreme Overbought Zone (Weekly Chart)
On the weekly chart, prices are currently in the extreme overbought zone, which historically hints at a likely correction. Traders should watch for signs of price weakness at these elevated levels.
Key Levels to Watch;
Resistance:
• 2783
• 2773
• 2762
• 2754
Support:
• 2734
• 2724
• 2714
Price Targets;
Falling Wedge Price Targets:
• 2783, 2754, 2762
Head and Shoulders Price Targets:
• 2734, 2724, 2714, 2675, 2656
⚠️ Note: This analysis is intended for informational purposes only. Please use appropriate risk management.
Happy Trading! 🚀
