Daily Gold (XAUUSD) Analysis
Gold is currently showing a notable bearish momentum, with a significant black candlestick indicating strong selling pressure. Key levels of interest have been identified based on supply and demand zones as well as support and resistance levels.
Supply Zone (Potential Resistance):
The area around $2,723 - $2,755 USD has acted as a recent supply zone. This region could serve as a resistance point for gold if it attempts a retracement. A sell limit is set at $2,715.85 USD, slightly below this zone, indicating a potential short position if price tests this area.
Demand Zone (Support Levels):
Demand Zone / support is identified at $2,638, $2,622, and $2,602 USD, providing additional demand zones where buyers may enter.
Risk and Reward:
With a potential short position near the $2,723 - $2,755 supply zone, the stop loss is likely placed just above the upper limit of the zone to avoid being stopped out by a small retracement.
Trend and Indicators:
The strong bearish candlestick suggests that bears currently control the momentum. However, monitoring if gold holds support around $2,650 will be crucial to anticipate any possible recovery.
If gold fails to hold the $2,650 level, it could move further down to test lower support levels, with a potential medium-term target around $2,622 - $2,602.
Supply Zone (Potential Resistance):
The area around $2,723 - $2,755 USD has acted as a recent supply zone. This region could serve as a resistance point for gold if it attempts a retracement. A sell limit is set at $2,715.85 USD, slightly below this zone, indicating a potential short position if price tests this area.
Demand Zone (Support Levels):
Demand Zone / support is identified at $2,638, $2,622, and $2,602 USD, providing additional demand zones where buyers may enter.
Risk and Reward:
With a potential short position near the $2,723 - $2,755 supply zone, the stop loss is likely placed just above the upper limit of the zone to avoid being stopped out by a small retracement.
Trend and Indicators:
The strong bearish candlestick suggests that bears currently control the momentum. However, monitoring if gold holds support around $2,650 will be crucial to anticipate any possible recovery.
If gold fails to hold the $2,650 level, it could move further down to test lower support levels, with a potential medium-term target around $2,622 - $2,602.
Note
A Sell limit is set at $2,715
Stop Loss: $2,755
Take Profit: $2,622
All the Best
M.K
M.K
All the Best
M.K
M.K
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