As we analyze the current market for Gold (XAU/USD), we can observe several important levels that are shaping the market's potential movements. The levels marked as NWOG and NDOG, along with the others shown on the chart, will be key areas to watch in the coming days.
P.W U/Q - 2,925.165:
The market is currently testing resistance at this level. If price fails to break above this, we could see a rejection and a shift towards the sell side. This area will provide a strong signal for short opportunities if we witness weakness around it.
P.W Mid Point - 2,894.071:
A significant mid-level. If the market consolidates around this price, it could indicate indecision, leading to a possible breakout or a continuation pattern.
P.Monthly Candle L/Q - 2,817.890:
This level is a strong support point on the lower side. A break below this could trigger further downside towards the sell side targets.
NWOG high - Feb 7, 2025 (2,875.900):
As a resistance level, this will be closely watched. If price struggles to move past this point, we may see a decline.
NWOG low - Jan 26, 2025 (2,750.000):
This is a key support level, where price could either reverse upwards or continue its downward trend if broken.
Market Expectation:
Looking at the current price action, I expect the market to react more to the sell side in the upcoming days, particularly if we see price falter at the resistance levels mentioned above. Watch for rejections at the key levels, such as P.W U/Q and NWOG high, as potential opportunities to align with the downward trend.
P.W U/Q - 2,925.165:
The market is currently testing resistance at this level. If price fails to break above this, we could see a rejection and a shift towards the sell side. This area will provide a strong signal for short opportunities if we witness weakness around it.
P.W Mid Point - 2,894.071:
A significant mid-level. If the market consolidates around this price, it could indicate indecision, leading to a possible breakout or a continuation pattern.
P.Monthly Candle L/Q - 2,817.890:
This level is a strong support point on the lower side. A break below this could trigger further downside towards the sell side targets.
NWOG high - Feb 7, 2025 (2,875.900):
As a resistance level, this will be closely watched. If price struggles to move past this point, we may see a decline.
NWOG low - Jan 26, 2025 (2,750.000):
This is a key support level, where price could either reverse upwards or continue its downward trend if broken.
Market Expectation:
Looking at the current price action, I expect the market to react more to the sell side in the upcoming days, particularly if we see price falter at the resistance levels mentioned above. Watch for rejections at the key levels, such as P.W U/Q and NWOG high, as potential opportunities to align with the downward trend.
MMAC
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.
MMAC
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.