Gold Price Analysis with Volumen 24/06/2024
Chart Overview
The provided chart shows the price action of gold (XAU/USD) with various technical indicators and levels. The main components of the chart include:
Volume Weighted Average Price (VWAP) Levels:
Monthly VWAP lines are marked at 2,329.47, 2,352.76, and 2,306.17.
Liquidation Levels:
Multiple dotted lines with bubbles indicating levels where significant buying and selling (liquidation) activities are expected or have occurred.
Volume Profile:
The volume profile on the left side of the chart provides insight into the trading activity at different price levels, indicating high-volume nodes and low-volume areas.
Support and Resistance Levels:
Horizontal lines indicate key support and resistance zones. Currently, the price is around 2,321.45 USD.
Candlestick Patterns and Price Action:
The chart shows recent candlestick patterns and price movements, highlighting periods of consolidation and volatility.
Key Observations
Current Price Action:
Gold is trading around 2,321.45 USD, showing some consolidation after recent volatility.
Volume Profile Analysis:
High trading volumes are observed around the 2,300 USD level, suggesting strong support here.
Above this, significant trading activity is seen near 2,370 USD, indicating a major resistance level.
VWAP Analysis:
The monthly VWAP levels provide dynamic support and resistance zones. Currently, the price is slightly above the lower monthly VWAP at 2,306.17 USD but below the middle VWAP at 2,329.47 USD, indicating a neutral to bearish bias in the short term.
Liquidation Levels:
Bubbles on the chart mark areas with potential liquidation pressure, which are critical for understanding potential breakout or breakdown points.
Significant liquidation points are seen around the 2,370 USD and 2,310 USD levels.
Support and Resistance:
Immediate support is observed around 2,300 USD, while immediate resistance lies around 2,330 USD.
Breaking above the 2,330 USD level could open up a path to test the 2,370 USD resistance zone.
Conversely, if gold breaks below 2,300 USD, it might test the next support level around 2,260 USD.
Conclusion
Gold is currently in a consolidation phase, trading around 2,321.45 USD. The market shows a neutral to slightly bearish bias in the short term, with critical support around 2,300 USD and resistance around 2,330 USD. Traders should watch these levels closely, along with the liquidation points and VWAP levels, for potential breakout or breakdown scenarios.
Trading Strategy
Bullish Scenario:
Enter long positions if gold breaks above 2,330 USD with strong volume, targeting the next resistance at 2,370 USD. Use the 2,300 USD level as a stop-loss.
Bearish Scenario:
Consider short positions if gold falls below 2,300 USD, aiming for the next support around 2,260 USD. Use 2,330 USD as a stop-loss.
Monitoring the volume profile and VWAP levels will be crucial in confirming the direction of the breakout or breakdown.
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.