Weekly Analysis on GOLDFor next week im looking for both moves either the bearish continuation or a bullish reversal move since price already made a retest on the weekly bullish FVG.
XAUUSDG trade ideas
XAUUSD (GOLD) - SHORT (Sell) Trade Call - Daily TFGold is going in bearish trend after a long bull run since June 2024.
Simple Fib retracement has been drawn to identify the likely TPs.
SHORT Trade Call
Entry Sell:2585
SL: 2608
TP1: 2558
TP2: 2512
TP3: 2484
5 waves to profit We have 5 waves to complete wave (a). I'm anticipating wave (b) correction to start, ideally we'll start looking for buying opportunities around the Fibonacci retracement level.
XAU qualifies for Downtrend D1So gold has adjusted from 2617 to the highest area of 2657. In this area, we wait for confirmation of SELL D1.
Ideally start entry at the H4 timeframe.
Sell zone: around 2657
Hold: about 2495 hold the order through the week, attach Stop sloss to entry if the order runs about 250 pips (2630)
XAUUSD OUTLOOK FOR 11/11/20241. Key Levels Highlighted:
Major Resistance Level: $2,790.08 – This is marked as the "INVLADATION WAVE 0," indicating the point at which the wave structure is no longer valid.
Bearish Order Block (OB): Around $2,722.29 – Serves as potential resistance, highlighted for observing potential price rejection.
Support Level: $2,612.61 – This is the "WAVE 1" level, indicating a strong support zone that could serve as a reversal point during a corrective phase.
Fibonacci Levels:
0.618 Retracement: $2,722.29, coinciding with the OB, suggesting confluence for resistance.
0.5 Retracement: $2,701.36 – A common retracement level that could act as a potential support or reversal point.
2. Updated Explanatory Style for Outlook:
Current Phase Overview:
The analysis indicates that XAU/USD is completing Phase D of the Wyckoff Distribution. This phase usually precedes a markdown in price, aligning with the MARK DOWN (8H) label.
Wave 5 Completion: The chart shows Wave 5 has potentially concluded, signaling a shift towards a corrective phase.
Potential Price Movements:
Bearish Scenario: The presence of a bearish OB near $2,722.29 and key Fibonacci retracement levels suggest that XAU/USD might face significant resistance here. If price rejects these levels, a continuation downward is possible, targeting the $2,612.61 support.
Bullish Scenario: Should price break above the $2,790.08 resistance (Wave 0), this invalidates the bearish outlook, signaling potential continuation to the upside.
Liquidity Analysis:
The notation "LOW RESISTANCE LIQUIDITY RUN" suggests minimal resistance if price breaks certain support levels, which could accelerate a move downward.
3. Outlook Summary:
Bearish Bias: The chart suggests a cautious outlook with a potential markdown phase. Observing price action at the bearish OB ($2,722.29) and the $2,701.36 Fibonacci level is crucial for confirmation.
Corrective Wave Expectations: If Wave 5's completion holds true, a corrective structure (likely ABC) could emerge, pulling prices toward the lower support region around $2,612.61.
4. Key Takeaways and Trading Tips:
Watch for Confirmation: Before entering a trade, look for strong rejections or breakouts at the highlighted OB and Fibonacci levels.
Risk Management: Place stop losses above $2,790.08 if entering short positions to protect against invalidation of the current wave count.
Monitor Volume: Higher volume at these resistance points could strengthen the case for a reversal.
WEEKLY SCENARIO FOR XAUUSDThe price is showing resistance near $2,570-$2,580 and support closer to $2,540, suggesting a possible test of these levels
The price has been in a consolidating downtrend recently, reacting to broader market influences such as the strength of the US Dollar and Treasury yields.
If bearish momentum continues, XAU/USD might test support near $2,530-$2,540. A reversal above $2,580 could indicate a shift toward a neutral or bullish correction.
This prediction is based on real-time technical analysis and is subject to market changes. Always monitor the latest data before making any trading decisions.
Gold on strong corrective ABC move up Gold is moving upwards to correct previous downfall to 2536. This move is very strong and is contained in narrow channel. You can expect two more legs of this move up to above 2700 area.
Gold=> Strong Bullish MomentumHey Traders, in today's trading session we are monitoring XAUUSD for a buying opportunity around 2655 zone, Gold is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 2655 support and resistance area.
Trade safe, Joe.
XAUUSD-RebornXAU/USD Technical Analysis Report
Date: 21-11-2024
Summary:
Our analysis suggests that XAU/USD has completed Wave A of a corrective downward move from $2790 to $2536.85, representing a drop of approximately 9.0%.
Technical Analysis:
Daily Time Frame
Wave Count:
- Wave A: Downward ($2790 - $2536.85)
- Wave B: Upward ($2536.85 - $2730)
- Wave C: Downward ($2730 - $2258)
Chart Pattern:
- Descending Triangle
- Flag Pattern
Indicators:
- RSI (14): 40 (Oversold)
- MACD (12, 26): Bearish crossover
- Moving Averages: 50-day MA resistance
Candlestick Patterns:
- Bearish Engulfing
- Dark Cloud Cover
Key Levels:
- Resistance: $2730, $2850
- Support: $2536.85, $2450
Conclusion:
Wave A's completion indicates a potential upward correction in Wave B. Our analysis suggests targeting $2700, followed by a downward move in Wave C to $2258.
Recommendations:
- Short-term traders: Consider buying at $2536.85, targeting $2700
- Long-term investors: Monitor the $2258 level for potential buying opportunities
Risk Management:
- Stop-loss: $2450
- Take-profit: $2700
Disclaimer:
This report is for informational purposes only and should not be considered investment advice.
XAU/USD bullish trendXAU/USD is in a big bullish impulse, took an entry after a lower time frame accumulation. Let's see if the uptrend continues or the small imbalance getting filled before the second up move.
Or the market shifts and takes me out :)
Global Conflicts and commodities.Gold climbs for 4th session of $2660 per ounce as investors sought safety in the metals as geopolitical uncertainty intensified with escalating Russia Ukraine tensions.
Global conflicts, like the ongoing Russia-Ukraine war, are driving volatility in commodities markets. Precious metals like gold, silver, and platinum have become safe-haven assets, attracting investors during uncertain times. Rising tensions often push their prices up as demand for stability grows.
In my chart 2654 is last zone for by which is already cross above. 1-H supply is frm 80 to 75 in extension if breaks then 2700 is near.
Asad iqbal khan
Neuron Markets
XAUUSD remains within an ascending channelTechnical Perspective:
On the daily timeframe, XAUUSD pared recent losses. The price is approaching the 2700 resistance, where a reversal below this level could prompt a decline toward the ascending channel's lower bound and 2520 support. Conversely, a break above 2700 could lead to a further rise toward its record high near the 2800 resistance zone. The price also holds above the Ichimoku Cloud, indicating the potential for further gains.
Fundamental Perspective:
Gold prices have recently recovered, rising above 2650 USD per ounce, driven by a flight to safety amid increasing geopolitical tensions, including the escalation of the Russia-Ukraine war.
Additionally, markets are focusing on the Fed's upcoming rate decisions, with a slight majority anticipating a 0.25% rate cut in December. Lower interest rate prospects would reduce the opportunity cost of holding gold, a non-yielding asset. However, concerns over inflation have led investors to trim expectations for aggressive rate cuts in the coming months. While gold remains attractive during periods of crisis, risks of prolonged Fed tightening could temper its upward momentum.
Gold Market Analysis and Strategy
Gold prices continue to fluctuate around the 2640 level. The initial short position has already reached the target of 2622. Currently, prices are rising again, and it is expected that the previous high of 2641 will be broken.
Trading Strategy:
Long Opportunity:
Close around 2645
Short Opportunity:
Alternatively, wait for the price to rise into the 2646-2655 range, which is anticipated to serve as a resistance zone, before opening short positions (selling).
Expected Target:
For the short position, a potential downside of approximately $19 is anticipated, targeting a drop back to the 2627-2636 range.
Gold continue down trendObserving today's sharp correction in gold prices, from an Elliott wave analysis perspective, we have completed wave 4 and are now poised to embark on the 5th wave, provided the price closes below 2614 as confirmation. The stop loss for this scenario is set at 2645.
The targets are 2595, 2575, and 2555.
Subsequently, we require confirmation of a close below 2542 to achieve the final target at 2483.
(If the price closes below 2614, consider the stop loss at 2645.)
GOLD Bearish to SupportI think gold will reject the resistance level and go back to previous support.
XAUUSD SELL PROJECTIONHey guys at the start of the week we were interested on taking sells from 2640 level but price broke through and we had to wait for another entry which is now 2648 zone waited for price to retest there and it did that and also gave us a confirmation now which is that bearish engulfing candle please use proper risk management and let’s see how it goes…..Risk to Reward is 1:3…
Short Gold IdeaAs i see there is no buy signals for gold i expect gold more down to 2613 and 2603 today
FVG broken and big candle close below the FVG
The volume are decreasing which confirm more down for gold
XAUUSD GAP UP = BULLISH ?? 18-11-2024FRIENDS..
Given that XAU/USD closed at 2561 on Friday and is now trading at 2590, with a high of 2597, this suggests a strong bullish momentum at the start of the week. Here’s what you should consider :
The price has gapped up significantly from Friday. This often indicates strong buying interest, Maybe due to market news or positive sentiment over the weekend.
The price is reaching 2597, which might act as a psychological resistance. If it breaks above this level and holds, it could indicate further upside potential
The quick rally from 2561 to 2590 suggests strong momentum. If this continues, we could see a test of 2600 or higher
Buy if the price breaks above 2600 with strong volume set a stop loss near 2590 try to find confirmation m30 or above.
Sell if it fails to break 2597-2600 and starts reversing. In this case, set a stop loss above 2605.
Goodluck
always DYOR before opening position
Gold bullish scenarioThe price of gold has a chance to return above the $2600 level this week. During this morning's Asian session, gold managed to break through the previous movement zone and form a new higher high. We are currently testing the EMA 50 and hoping for a continuation to the EMA 200 in the $2620 zone.
XAU Bull FlagHey guys, I see XAU could potentially move upwards from now till London session after breaking above 4TF Breaker block and retest 2618.74 and move towards 2640 zone. Trade Smart, Trade safe FXOPEN:XAUUSD
GOLD XAUUSD Buying 2582 - 2576#XAUUSD (Update)....!!
Looking for buy only |Long
Hey Traders, Today we are monitoring GOLD for a buying opportunity around 2582 - 2576 zone, once we will receive any bullish confirmation the trade will be executed....!!
Good luck Guy's.....
xauusd-1HConsidering the channel ceiling being reached and the overall downtrend, it seems we will witness a decline.
