PRIMERONIN

PRIMERONIN

OANDA:XAUUSD Since the beginning of the year, gold has been on an impressive uptrend, gaining over 5,000 pips and culminating in last week's all-time high (ATH) at 3,167. As I mentioned in last week's analysis, even though we are in a strong uptrend, the price has deviated too far from the mean, making a correction inevitable. ✅ Friday Trade: After testing...

PRIMERONIN

The overall trend indicates a bearish price action. The pullback on the upper side is viewed as a seller's order block being filled, which will likely continue the bearish trend. For a bullish scenario to unfold, the price must remain above 149.800 on a 4-hour closing basis; only then can a bullish trade be initiated.

PRIMERONIN

There are two potential scenarios to consider in the current situation. Since the price has already reached an all-time high (ATH) without any retracement, we can expect a minor pullback to facilitate a re-entry in the long position, with support levels between 2944 and 2930. If the hourly close is below 2930, it may lead to a more significant drop towards the...

PRIMERONIN

Last week, the price attempted to break above the previous highs but retraced below to test the support level. In the current scenario, the ideal strategy is to wait until the price approaches the 2897-2895 zone for a long setup. The price needs to retrace to the demand zone before moving upward. The long position is marked on the chart.