Assessment of the European - American session trend on August 2, 2024:
In the Asian session, there was a double peak sweep in gold, affecting our trading plan significantly.
The trading trend in the European-American session is still BUY. Today is the 6th day of the W candlestick pattern, with many news events strongly impacting the market.
There are two possible scenarios:
1. Gold will have a slight correction from 2468 to the range of 2453-2458 before continuing to rise strongly.
2. Gold may experience another double peak sweep to fill the liquidity area of 2410-2413 due to news events and then rise strongly again.
Gold may reach 2484 or form a new peak, which is entirely possible. However, price levels to watch are 2420-2413 and 2453-2458.
Recommended orders:
Plan 1: BUY XAUUSD zone 2453-2455
SL 2449
TP 2458 - 2468 - 2495.
Plan 2: BUY XAUUSD zone 2410-2413
SL 2407
TP 2416 - 2430 - 2473 - floating.
In the Asian session, there was a double peak sweep in gold, affecting our trading plan significantly.
The trading trend in the European-American session is still BUY. Today is the 6th day of the W candlestick pattern, with many news events strongly impacting the market.
There are two possible scenarios:
1. Gold will have a slight correction from 2468 to the range of 2453-2458 before continuing to rise strongly.
2. Gold may experience another double peak sweep to fill the liquidity area of 2410-2413 due to news events and then rise strongly again.
Gold may reach 2484 or form a new peak, which is entirely possible. However, price levels to watch are 2420-2413 and 2453-2458.
Recommended orders:
Plan 1: BUY XAUUSD zone 2453-2455
SL 2449
TP 2458 - 2468 - 2495.
Plan 2: BUY XAUUSD zone 2410-2413
SL 2407
TP 2416 - 2430 - 2473 - floating.
Note
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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.