Based on the XAUUSD (Gold vs. US Dollar) movement today, the trend is currently leaning towards a *sell. As anticipated yesterday and the day before , The price has been on a downward trajectory, with a notable drop around April 29 at 15:00. It has fallen from a higher level near **3343.70* to the present level of *3287.07*.
Here are some key observations:
- *Recent bearish movement:* The candlestick pattern shows consistent price declines, indicating sellers are dominating.
- *Support and resistance levels:* If 3287.07 fails to hold, further downside potential exists.
- *Market momentum:* If there's continued selling pressure, the next significant support area may come into play.
Overall Play we are BEARISH , although we are still consolidating, Plus let us observe the Key ZONES with caution and alert mode.
Will be back with further updates.
Here are some key observations:
- *Recent bearish movement:* The candlestick pattern shows consistent price declines, indicating sellers are dominating.
- *Support and resistance levels:* If 3287.07 fails to hold, further downside potential exists.
- *Market momentum:* If there's continued selling pressure, the next significant support area may come into play.
Overall Play we are BEARISH , although we are still consolidating, Plus let us observe the Key ZONES with caution and alert mode.
Will be back with further updates.
Trade active
$3287 could not hold so we are in for a fall continuation, this seconds my idea posted in the morning. however we are still on consolidation but we still should expect the fall further downside.Bearish Momentum is increasing gradually , so we are yet to have our third BEARISH CONFIRMATION and we will be on , although personally have taken a few SELL entries , with minimal RR. If $3268 plays in the downside then we should take more entries and target the TP $3188 only after the downfall then we will come back on the charts and establish another base either (Fall Continuation or Reversal ).
But until the let's see how the market will unfold, will be back later with further updates
Note
Based on Fibonacci Retracement levels , the price appears to be interacting with KEY SUPPORT and RESISTANCE ZONES, Looking at the FIBONACCI i can say if the market rejects Fibonacci level (Especially 61.8% and showing bearish signal , this would indicate a sell.But if it bounces back from Level 38.2% or 50% and forming a BULLISH CONFIRMATION , it may suggest a buy.
So far the price seems to not be respecting the level , so i have some more sell entries but as for you kindly hold and wait confirmation from the Support Level break $3255-68, once we break this level then you should have your entries when the price tries retesting the level again.
Trade closed: target reached
in 2- 4hours time i'm expecting the GOLD MARKET to hit $3227 , I'm anticipating for the fall ,yes we've not broken $3255-68 but still looking for a downfall.The Profit SESSION is on in the next few minutes and we will be in Blues without any worries.
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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.