"Gold Market Analysis: Identifying Resistance and Potential Buy
The #XAUUSD market has bounced off our identified support zone of 2356-2361 twice, reaching a high of 2387 after encountering resistance at 2381. With this resistance zone now weakened, the next likely resistance lies in the range of 2394-2400. If we see a H4 candle closing above 2400, it could signal a potential buying opportunity with a target of 200-300 pips and new high.
Trade active
As anticipated, the price encountered strong resistance within the 2392-2400 range, peaking at 2397 before retracting to 2386, resulting in a movement of nearly 100 pips from the supply zone. Despite this setback, our attention has shifted towards identifying favorable buying opportunities rather than selling. With the supply zone of 2392-2400 already tested, its potential to drive prices lower from the same level has diminished. Hence, we plan to await the closure of H1/H4 candles above 2400 before initiating trades, aiming for gains exceeding 200 pips. Additionally, in the event of a retracement, if the price falls to the 2374-2366 range, it presents a favorable buying opportunity for a potential gain of 70-100 pips with a risk-reward ratio of 1.5:1.Trade closed: target reached
Update #H1/H4 Setup We have already told everyone that 2385-2400 is trapping zone for buyer so As predicted, the price retraced from our designated zone of 2373, rallying by 100 pips to reach 2384. We anticipate further upward movement once the price surpasses 2386 and maintains its position above it, potentially leading to a rise towards 2400.Trade closed: target reached
#As Anticipated After Giving H1 closing above 2400 Price Moved almost 200 pips and made high of 2418Thats the power of proper analysis if you can check our previous post and post you would testify our accuracy and grip over market.
Mr K
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Mr K
Join Our Free Telegram Group
t.me/MrKCharts
If You Need Personalized SIgnals Specilaized With 2:1 RR for Propfirm Than Dm Us At t.me/Kseljuk
Join Our Free Telegram Group
t.me/MrKCharts
If You Need Personalized SIgnals Specilaized With 2:1 RR for Propfirm Than Dm Us At t.me/Kseljuk
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.