Trade Idea 1: Short Position
Setup:
The price is currently near an area of supply (highlighted in red on the chart) and has shown signs of rejection, forming a bearish candlestick pattern. The stochastic oscillator also indicates overbought conditions, suggesting potential downside.
Entry:
Enter a short position near the current price level of $3,079.
Stop Loss:
Place the stop loss above the area of supply at $3,120 to account for potential false breakouts.
Take Profit Targets:
First Target: $2,930 (near the 0.236 Fibonacci level).
Second Target: $2,800 (near the 0.382 Fibonacci level).
Trade Idea 2: Long Position
Setup:
If the price retraces to the demand zone (highlighted in green on the chart) near $2,680–$2,700, this could be a strong area for a reversal based on historical price action and Fibonacci confluence (0.786 level).
Entry:
Enter a long position within the demand zone at $2,680–$2,700.
Stop Loss:
Place the stop loss below the demand zone at $2,640 to minimize risk.
Take Profit Targets:
First Target: $2,880 (near the 0.382 Fibonacci level).
Second Target: $3,000 (psychological resistance level and previous swing high).
Macroeconomic Considerations
Gold prices are influenced by macroeconomic factors such as:
Interest Rates: If central banks signal dovish policies or rate cuts, gold may rally due to its appeal as a safe-haven asset.
Inflation Data: Higher inflation increases gold's attractiveness as a hedge.
Geopolitical Tensions: Any escalation in global tensions could further support gold prices.
Monitor news events and economic data releases closely to confirm directional bias before entering trades.
Setup:
The price is currently near an area of supply (highlighted in red on the chart) and has shown signs of rejection, forming a bearish candlestick pattern. The stochastic oscillator also indicates overbought conditions, suggesting potential downside.
Entry:
Enter a short position near the current price level of $3,079.
Stop Loss:
Place the stop loss above the area of supply at $3,120 to account for potential false breakouts.
Take Profit Targets:
First Target: $2,930 (near the 0.236 Fibonacci level).
Second Target: $2,800 (near the 0.382 Fibonacci level).
Trade Idea 2: Long Position
Setup:
If the price retraces to the demand zone (highlighted in green on the chart) near $2,680–$2,700, this could be a strong area for a reversal based on historical price action and Fibonacci confluence (0.786 level).
Entry:
Enter a long position within the demand zone at $2,680–$2,700.
Stop Loss:
Place the stop loss below the demand zone at $2,640 to minimize risk.
Take Profit Targets:
First Target: $2,880 (near the 0.382 Fibonacci level).
Second Target: $3,000 (psychological resistance level and previous swing high).
Macroeconomic Considerations
Gold prices are influenced by macroeconomic factors such as:
Interest Rates: If central banks signal dovish policies or rate cuts, gold may rally due to its appeal as a safe-haven asset.
Inflation Data: Higher inflation increases gold's attractiveness as a hedge.
Geopolitical Tensions: Any escalation in global tensions could further support gold prices.
Monitor news events and economic data releases closely to confirm directional bias before entering trades.
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.