GOLD MOVE AFTER HITTING TRIPPLE TOP / 20-24 JAN, 2025
The chart represents the XAU/USD (Gold Spot/USD) on a 4-hour timeframe. Here's the analysis based on the key elements highlighted:
1. Trend Analysis:
The price is currently in an uptrend, as indicated by the ascending purple channel.
The 50-period moving average (yellow line) is sloping upwards, supporting bullish momentum.
2. Resistance Zone:
There is a resistance zone marked in red at around 2724-2730. The price recently tested this level but was rejected, suggesting strong selling pressure.
3. Support Levels:
The green zones represent potential support levels:
The first support is around 2700 (aligned with the lower boundary of the ascending channel).
A stronger support zone lies at 2660, which could act as a reversal point if the price breaks below the channel.
4. Projected Scenarios:
Scenario 1 (Bearish Pullback):
The price could consolidate below resistance and break the ascending channel, reaching the 2660 zone (dotted red line).
This level may serve as a significant reversal area, pushing the price back up (blue arrow).
Scenario 2 (Continuation):
If the price maintains above the 2700 support and holds within the channel, a retest of the 2724 resistance zone is likely.
Breaking above this zone could signal further bullish continuation.
5. Key Observations:
The rejection at resistance suggests the possibility of a correction in the short term.
The green support zones and the channel lower boundary are critical for determining the next move.
Watch for breakouts or breakdowns from the channel for confirmation of trend direction.
Recommendation:
For bulls: Monitor for entries around 2700 or 2660 with tight stop-losses below these levels.
For bears: Look for selling opportunities if the price breaks below the ascending channel or resistance remains intact.
World situation:
Gold prices dipped late in the North American session but are still on track to end the week with gains of over 0.40%, as markets anticipate the inauguration of US President-elect Donald Trump. Currently trading at $2,701, down 0.44%, the yellow metal remains a preferred choice for investors amid political uncertainty.
Geopolitical tensions and US political developments continue to influence Gold’s performance. Despite steady mid-term US Treasury yields, Gold buyers were unable to drive prices higher for additional gains before the weekend.
Identify:
Gold hits large-frame resistance 2724, weakens and corrects short-term decline. Market awaits new economic policies of President Trump
Technically:
Based on the resistance and support areas of the gold price according to the H4 frame, PIPS & PROFIT identifies the important key areas as follows:
Resistance: $2724, $2748
Support : $2662, $2633
Always support Pips & Profit by LIKE AND COMMENT TRADINGVIEW. Thank you very much everyone 🌸🌸
1. Trend Analysis:
The price is currently in an uptrend, as indicated by the ascending purple channel.
The 50-period moving average (yellow line) is sloping upwards, supporting bullish momentum.
2. Resistance Zone:
There is a resistance zone marked in red at around 2724-2730. The price recently tested this level but was rejected, suggesting strong selling pressure.
3. Support Levels:
The green zones represent potential support levels:
The first support is around 2700 (aligned with the lower boundary of the ascending channel).
A stronger support zone lies at 2660, which could act as a reversal point if the price breaks below the channel.
4. Projected Scenarios:
Scenario 1 (Bearish Pullback):
The price could consolidate below resistance and break the ascending channel, reaching the 2660 zone (dotted red line).
This level may serve as a significant reversal area, pushing the price back up (blue arrow).
Scenario 2 (Continuation):
If the price maintains above the 2700 support and holds within the channel, a retest of the 2724 resistance zone is likely.
Breaking above this zone could signal further bullish continuation.
5. Key Observations:
The rejection at resistance suggests the possibility of a correction in the short term.
The green support zones and the channel lower boundary are critical for determining the next move.
Watch for breakouts or breakdowns from the channel for confirmation of trend direction.
Recommendation:
For bulls: Monitor for entries around 2700 or 2660 with tight stop-losses below these levels.
For bears: Look for selling opportunities if the price breaks below the ascending channel or resistance remains intact.
World situation:
Gold prices dipped late in the North American session but are still on track to end the week with gains of over 0.40%, as markets anticipate the inauguration of US President-elect Donald Trump. Currently trading at $2,701, down 0.44%, the yellow metal remains a preferred choice for investors amid political uncertainty.
Geopolitical tensions and US political developments continue to influence Gold’s performance. Despite steady mid-term US Treasury yields, Gold buyers were unable to drive prices higher for additional gains before the weekend.
Identify:
Gold hits large-frame resistance 2724, weakens and corrects short-term decline. Market awaits new economic policies of President Trump
Technically:
Based on the resistance and support areas of the gold price according to the H4 frame, PIPS & PROFIT identifies the important key areas as follows:
Resistance: $2724, $2748
Support : $2662, $2633
Always support Pips & Profit by LIKE AND COMMENT TRADINGVIEW. Thank you very much everyone 🌸🌸
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