Xauusd Gold weekly 20 - 24 Analysis
In this article, I will be discussing the weekly support and resistance levels for gold trading. It is important to note that on a weekly basis, we can see a major resistance level at 1898-1905 and a major support level at 1780-1790. Currently, gold is trading in the middle, far away from these support and resistance levels. However, there is a downward trendline visible in the 4-hour time frame which can be utilized for trading purposes. One can trade under that trendline or look for a breakout of the trendline.
In terms of a sell setup, there are a few things to consider. Firstly, if last week's low of 1818 is breached, then a sell entry can be initiated. Profit can then be taken at the 1800 level. Additionally, there are a few other factors to consider, such as a near rejection at 1853, 1860, and 1871.
On the other hand, there are also opportunities for buying gold. For example, a buy setup can be initiated at the 1830 level with a rejection. Similarly, a buy entry can be considered at 1826 and 1818 levels with rejections. and most important buying from 1800 levels
It is worth mentioning that I am currently leaning towards the buying side of gold trading. This is due to several factors, such as the current market trends and other external factors that may impact gold prices in the coming weeks. However, it is important to note that the market can be unpredictable, and one should always consider all factors before making any trading decisions.
In conclusion, there are several strategies that one can utilize when trading gold, including sell and buy setups. It is crucial to keep an eye on the support and resistance levels, as well as any trendlines that may impact the market. Furthermore, it is important to stay up to date with the latest market news and trends to make informed trading decisions.
In terms of a sell setup, there are a few things to consider. Firstly, if last week's low of 1818 is breached, then a sell entry can be initiated. Profit can then be taken at the 1800 level. Additionally, there are a few other factors to consider, such as a near rejection at 1853, 1860, and 1871.
On the other hand, there are also opportunities for buying gold. For example, a buy setup can be initiated at the 1830 level with a rejection. Similarly, a buy entry can be considered at 1826 and 1818 levels with rejections. and most important buying from 1800 levels
It is worth mentioning that I am currently leaning towards the buying side of gold trading. This is due to several factors, such as the current market trends and other external factors that may impact gold prices in the coming weeks. However, it is important to note that the market can be unpredictable, and one should always consider all factors before making any trading decisions.
In conclusion, there are several strategies that one can utilize when trading gold, including sell and buy setups. It is crucial to keep an eye on the support and resistance levels, as well as any trendlines that may impact the market. Furthermore, it is important to stay up to date with the latest market news and trends to make informed trading decisions.
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