Bullish Bearish Gold #GOLD #FVG #SUPPLYDEMAND
Current Market Context
Recent Trend: A significant downtrend with large red candles indicating strong selling pressure.
Support and Resistance Levels:
Support: Around 2,377.45 to 2,380.
Resistance: Around 2,402 to 2,403.65.
Potential Entry Points
Bullish Entry Points:
Support Bounce (Demand Order Block):
Bearish Entry Points
Resistance Rejection (Supply Order Block):
Chart Analysis
Given the recent downtrend and strong selling pressure:
Bearish Bias: The overall trend appears bearish due to the significant downward movement.
Best Entry for Bears: The best entry point for a bearish position would be around the identified resistance level of 2,402 to 2,403.65. Wait for confirmation of resistance holding, such as a bearish candlestick pattern or increased selling volume.
Trade Setup
Bearish Trade Setup
Bullish Trade Setup
If you are looking for a counter-trend trade (riskier):
Support Area (Demand Order Block):
Key Indicators and Confirmation
Volume: Look for increased volume at the support/resistance levels to confirm the entry.
Candlestick Patterns: Wait for strong reversal patterns like engulfing patterns, pin bars, or hammer/shooting star.
Conclusion
Best Entry for Bears: Around 2,402 to 2,403.65 (Resistance).
Best Entry for Bulls: Around 2,377.45 to 2,380 (Support), but this is riskier due to the current bearish trend.
Recent Trend: A significant downtrend with large red candles indicating strong selling pressure.
Support and Resistance Levels:
Support: Around 2,377.45 to 2,380.
Resistance: Around 2,402 to 2,403.65.
Potential Entry Points
Bullish Entry Points:
Support Bounce (Demand Order Block):
- Entry: Enter a long position around the support area of 2,377.45 to 2,380, if you see bullish reversal patterns (e.g., bullish engulfing, hammer) or strong buying volume.
- Stop Loss: Place a stop loss slightly below the support level, for example, around 2,370 to limit potential losses.
- Take Profit: Target the resistance area around 2,402 to 2,403.65 or previous highs for potential profit-taking.
Bearish Entry Points
Resistance Rejection (Supply Order Block):
- Entry: Enter a short position around the resistance area of 2,402 to 2,403.65, if you see bearish reversal patterns (e.g., bearish engulfing, shooting star) or strong selling volume.
- Stop Loss: Place a stop loss slightly above the resistance level, for example, around 2,410 to limit potential losses.
- Take Profit: Target the support area around 2,377.45 to 2,380 or previous lows for potential profit-taking.
Chart Analysis
Given the recent downtrend and strong selling pressure:
Bearish Bias: The overall trend appears bearish due to the significant downward movement.
Best Entry for Bears: The best entry point for a bearish position would be around the identified resistance level of 2,402 to 2,403.65. Wait for confirmation of resistance holding, such as a bearish candlestick pattern or increased selling volume.
Trade Setup
Bearish Trade Setup
- Resistance Area (Supply Order Block):
- Entry: Around 2,402 to 2,403.65.
- Stop Loss: Above 2,410.
- Take Profit: Around 2,377.45 to 2,380.
Bullish Trade Setup
If you are looking for a counter-trend trade (riskier):
Support Area (Demand Order Block):
- Entry: Around 2,377.45 to 2,380 if there is a clear bullish reversal signal.
- Stop Loss: Below 2,370.
- Take Profit: Initial target around 2,402 to 2,403.65.
Key Indicators and Confirmation
Volume: Look for increased volume at the support/resistance levels to confirm the entry.
Candlestick Patterns: Wait for strong reversal patterns like engulfing patterns, pin bars, or hammer/shooting star.
Conclusion
Best Entry for Bears: Around 2,402 to 2,403.65 (Resistance).
Best Entry for Bulls: Around 2,377.45 to 2,380 (Support), but this is riskier due to the current bearish trend.
Disclaimer
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