Synopsis: In today's market analysis, we delve into the XAU/USD (GOLD) daily chart data, focusing on key entry and exit points. The bullish momentum continued, achieving the 1974-1975 Zone. Our discussion covers the importance of staying above 1966-1967 for initiating buying positions, with a detailed look at support and resistance levels. Additionally, we explore the potential impact of US data, such as the PPI, retail sales, and crude oil inventory, on gold prices.
Observations:
Hourly Chart:
Gold exhibited bullish tendencies, breaching the 1974-1975 Zone.
Entry: Stay above 1966-1967, initiating a buy position.
Exit: Potential bearish trend if staying below 1970; look for support at 1960-1967 and 1962.
2-Hour Chart:
Bullish sentiment visible, but a red candle suggests potential bearish pressure.
Entry: Watch for a bounce if staying below 1970.
Exit: Consider 1965-1967 support; critical support at 1960.
3-Hour Chart:
Possibility of swings or a double bottom formation.
Entry: Initiate buy if staying beyond 1974.
Exit: Caution below 1968, potential drop to 1964-1960.
4-Hour Chart:
Supportive of a reversal, with higher lows.
Entry: Consider buying for a target of 1977.
Exit: Resistance at 1984-1985; monitor for potential retracement.
Daily Chart:
Higher highs achieved, indicating bullishness.
Entry: Slight bearishness below 1960; look for support at 1954 and 1950.
Exit: Bullish if above 1960; be cautious of potential retracement.
Conclusion: As of today, maintaining a bullish outlook on gold is advisable, with careful consideration of support and resistance levels. Traders should exercise caution if prices fall below 1960, as this could signal a shift in momentum. The 1977-1985 range presents a key resistance zone to monitor for potential price swings.
Disclaimer: Trading involves risk, and decisions should be made based on personal analysis. The provided insights are for informational purposes only and not financial advice.
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