ANALYSIS GOLD FIBONACCI 20/06/2024
GOLD (XAUUSD) chart with a focus on Fibonacci levels and other technical indicators.
Chart Overview
Price Levels and Fibonacci Retracements:
Several Fibonacci retracement and extension levels are marked on the chart.
The key Fibonacci levels noted include 0.618, 0.705, 1.618, 2.618, and 3.618 extensions.
Trendlines:
There are clear downward and upward trendlines forming a broadening wedge pattern.
The price appears to be respecting these trendlines, with potential breakout points.
Support and Resistance:
Resistance levels are around 2,349.98 and 2,382.37.
Support levels are around 2,326.30 and lower targets like 2,295.09 and 2,264.04.
Current Price:
Gold is trading at 2,336.85, near a significant Fibonacci level.
Analysis and Projections
Fibonacci Levels:
0.618 and 0.705 retracement levels: These levels around 2,349.98 are key resistance points. If gold breaks above these, it could indicate a continuation of the upward trend.
1.618 extension: At 2,382.37, this level is a critical resistance. A break above this could signal a strong bullish move.
2.618 and 3.618 extensions: These are higher targets at 2,436.32 and 2,490.27 respectively, indicating potential longer-term bullish targets.
Bearish Scenario:
If gold fails to break the resistance at 2,349.98 and reverses, it could head towards the support levels at 2,326.30.
A break below 2,326.30 could push gold to 2,295.09, with a further decline to 2,264.04 and potentially lower at 2,188.59 based on the Fibonacci extensions.
Bullish Scenario:
If gold breaks above the 2,349.98 level with volume, it could move towards the 1.618 extension at 2,382.37.
Sustained trading above 2,382.37 could target the higher Fibonacci levels at 2,436.32 and 2,490.27.
Summary
Critical Levels: 2,349.98 (resistance), 2,326.30 (support), 2,382.37 (key extension).
Trend: Currently in a consolidating phase within a broadening wedge.
Strategy: Watch for breakouts above resistance levels for bullish signals and a fall below support levels for bearish continuation.
Chart Overview
Price Levels and Fibonacci Retracements:
Several Fibonacci retracement and extension levels are marked on the chart.
The key Fibonacci levels noted include 0.618, 0.705, 1.618, 2.618, and 3.618 extensions.
Trendlines:
There are clear downward and upward trendlines forming a broadening wedge pattern.
The price appears to be respecting these trendlines, with potential breakout points.
Support and Resistance:
Resistance levels are around 2,349.98 and 2,382.37.
Support levels are around 2,326.30 and lower targets like 2,295.09 and 2,264.04.
Current Price:
Gold is trading at 2,336.85, near a significant Fibonacci level.
Analysis and Projections
Fibonacci Levels:
0.618 and 0.705 retracement levels: These levels around 2,349.98 are key resistance points. If gold breaks above these, it could indicate a continuation of the upward trend.
1.618 extension: At 2,382.37, this level is a critical resistance. A break above this could signal a strong bullish move.
2.618 and 3.618 extensions: These are higher targets at 2,436.32 and 2,490.27 respectively, indicating potential longer-term bullish targets.
Bearish Scenario:
If gold fails to break the resistance at 2,349.98 and reverses, it could head towards the support levels at 2,326.30.
A break below 2,326.30 could push gold to 2,295.09, with a further decline to 2,264.04 and potentially lower at 2,188.59 based on the Fibonacci extensions.
Bullish Scenario:
If gold breaks above the 2,349.98 level with volume, it could move towards the 1.618 extension at 2,382.37.
Sustained trading above 2,382.37 could target the higher Fibonacci levels at 2,436.32 and 2,490.27.
Summary
Critical Levels: 2,349.98 (resistance), 2,326.30 (support), 2,382.37 (key extension).
Trend: Currently in a consolidating phase within a broadening wedge.
Strategy: Watch for breakouts above resistance levels for bullish signals and a fall below support levels for bearish continuation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.