CFDs on Gold (US$ / OZ)Updated Gold November 11 2024
Technical Overview
Current Price: 2666.02
Key Fibonacci Levels:
Immediate support appears around the 38.2% Fibonacci level (2624.99). If prices move below, further support could be found at 50% (2574.87) and 61.8% (2524.75) levels.
On the upside, resistance is seen near 23.6% (2687.01) and at the 0% level (2787.25).
4-Hour Fibonacci Levels:
Supply Zones: Concentrated between 2646.01 and 2689.23, which corresponds to resistance on the Fibonacci levels.
Demand Zones: Major zones appear around 2353.05 to 2357.91, indicating potential lower support if the bearish trend strengthens.
Current Trend:
The prevailing trend is bearish with gold trading near key support levels. A further breakdown below the 2660 zone could increase bearish pressure, leading to support near 2624.99 and 2574.87 levels.
VIX and DXY: Both indicators are showing sell signals, which may increase downward pressure on gold in the short term if they continue their trends.
Chart Pattern Analysis
Butterfly Pattern: It looks like gold may be forming a butterfly pattern, with the potential to complete the C-leg before either a reversal or continuation.
Cypher ABCD Pattern: If the C-leg completes and finds support, we could see a movement toward the D-leg as buyers step in.
A break below the 100% retracement (2362.49) would indicate strong bearish momentum, while a move toward the D-leg and breakout above the top resistance would signal a bullish reversal.
Key Signals to Watch
Hold Signal: With no clear trend, it's wise to watch these levels closely. Breaking below the 4H 61.8% Avg level (2654.15) could be a signal to turn bearish, while a breakout above the 0% Avg level (2686.08) could signal bullish momentum.
Current Price: 2666.02
Key Fibonacci Levels:
Immediate support appears around the 38.2% Fibonacci level (2624.99). If prices move below, further support could be found at 50% (2574.87) and 61.8% (2524.75) levels.
On the upside, resistance is seen near 23.6% (2687.01) and at the 0% level (2787.25).
4-Hour Fibonacci Levels:
Supply Zones: Concentrated between 2646.01 and 2689.23, which corresponds to resistance on the Fibonacci levels.
Demand Zones: Major zones appear around 2353.05 to 2357.91, indicating potential lower support if the bearish trend strengthens.
Current Trend:
The prevailing trend is bearish with gold trading near key support levels. A further breakdown below the 2660 zone could increase bearish pressure, leading to support near 2624.99 and 2574.87 levels.
VIX and DXY: Both indicators are showing sell signals, which may increase downward pressure on gold in the short term if they continue their trends.
Chart Pattern Analysis
Butterfly Pattern: It looks like gold may be forming a butterfly pattern, with the potential to complete the C-leg before either a reversal or continuation.
Cypher ABCD Pattern: If the C-leg completes and finds support, we could see a movement toward the D-leg as buyers step in.
A break below the 100% retracement (2362.49) would indicate strong bearish momentum, while a move toward the D-leg and breakout above the top resistance would signal a bullish reversal.
Key Signals to Watch
Hold Signal: With no clear trend, it's wise to watch these levels closely. Breaking below the 4H 61.8% Avg level (2654.15) could be a signal to turn bearish, while a breakout above the 0% Avg level (2686.08) could signal bullish momentum.
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Note
Supply and Demand Zones Nearest
Note
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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.
Related publications
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.