Gold. Buying opportunitiesHey traders and investors!
Daily Timeframe Analysis
On the daily timeframe, there is a range. The current buyer's vector is 7-8, with a potential target of 2721 (2726). A buyer's zone (marked by a green rectangle on the chart) has formed in the emerging buyer's vector. For a detailed analysis, refer to the related post.
The seller's daily bar from January 6, with increased volume, failed to engulf the buyer's bar from January 2, which created the buyer's zone (green rectangle on the chart). The key volume of the bar (the blue band on the chart shows the range where 33% of the bar's volume has been traded) is below the level of 2636.705, which we've been monitoring. This favors looking for buying opportunities.
1H Timeframe Analysis
On the hourly timeframe, there is a range near the level of 2636.705, with boundaries indicated on the chart.
Buying Strategy
Buying patterns can be sought at the bottom of the range or after the buyer exits the range and defends the breakout.
The potential target on the daily timeframe is 2721 (2726).
I wish you profitable trades!