Yesterday, 
XAUUSD broke the $3,000 mark, a significant achievement from multiple perspectives.
As I mentioned yesterday, I didn’t expect the price to revisit the $2,950 support level, as it seemed too obvious. Unfortunately, my pending order at $2,970 wasn't triggered either, as the bulls were too strong, quickly forming a new support at $2,980.
This forced me to trade the breakout of the rectangle pattern, something I typically avoid—trading breakouts.
Now that we’ve reviewed the situation, let’s take a closer look at what we might expect in the near future.
Current Trend: Strong Upward Momentum
As is evident to everyone, gold is in a powerful uptrend, and trying to sell is risky. The key strategy here is to focus on buying on dips, rather than trying to catch a top.
The first level to keep an eye on for potential buy opportunities is the $3,000 mark, followed by the support formed yesterday at $2,980. Both of these levels are crucial in maintaining the bullish structure of the market. If the price dips to these levels and holds, they could provide excellent entry points for long positions.
Target Zones: Understanding Potential Resistance Levels
While targets in a ATHs defined market are arbitrary, historical price movements in gold suggest that certain price levels tend to act as either support or resistance. Specifically, levels in at $20, $40, $60, and $80 ranges have historically been key turning points.
Given this, if gold continues its ascent, targets at $3,020 and $3,040 could be reasonable. These levels align with the typical points that gold has faced during strong movements.
Looking Ahead: Volatility and Potential for Extreme Moves
Expect extreme volatility as gold continues to push higher. The bullish sentiment is strong, but with high volatility comes both risk and opportunity. Keeping a watchful eye on key levels, such as the $3,000 and $2,980 support zones, will be crucial for gauging potential retracements and entry points.
In conclusion, the strategy moving forward should focus on buying on dips, with an eye on $3,020 and $3,040 as logical targets for the next phase of gold's rally.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
XAUUSD broke the $3,000 mark, a significant achievement from multiple perspectives. As I mentioned yesterday, I didn’t expect the price to revisit the $2,950 support level, as it seemed too obvious. Unfortunately, my pending order at $2,970 wasn't triggered either, as the bulls were too strong, quickly forming a new support at $2,980.
This forced me to trade the breakout of the rectangle pattern, something I typically avoid—trading breakouts.
Now that we’ve reviewed the situation, let’s take a closer look at what we might expect in the near future.
Current Trend: Strong Upward Momentum
As is evident to everyone, gold is in a powerful uptrend, and trying to sell is risky. The key strategy here is to focus on buying on dips, rather than trying to catch a top.
The first level to keep an eye on for potential buy opportunities is the $3,000 mark, followed by the support formed yesterday at $2,980. Both of these levels are crucial in maintaining the bullish structure of the market. If the price dips to these levels and holds, they could provide excellent entry points for long positions.
Target Zones: Understanding Potential Resistance Levels
While targets in a ATHs defined market are arbitrary, historical price movements in gold suggest that certain price levels tend to act as either support or resistance. Specifically, levels in at $20, $40, $60, and $80 ranges have historically been key turning points.
Given this, if gold continues its ascent, targets at $3,020 and $3,040 could be reasonable. These levels align with the typical points that gold has faced during strong movements.
Looking Ahead: Volatility and Potential for Extreme Moves
Expect extreme volatility as gold continues to push higher. The bullish sentiment is strong, but with high volatility comes both risk and opportunity. Keeping a watchful eye on key levels, such as the $3,000 and $2,980 support zones, will be crucial for gauging potential retracements and entry points.
In conclusion, the strategy moving forward should focus on buying on dips, with an eye on $3,020 and $3,040 as logical targets for the next phase of gold's rally.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade closed: target reached
So far, I was right with 3040 being resistance.Now it broke up...so let's wait and see
📈 Forex & XAU/USD Channel:
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Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.