Gold XAUUSD Potentially Towards 2850 - 3/2/2025
As of February 3, 2025, the current price of Gold (XAU) against the US Dollar (USD) is approximately $2,799.20 per ounce.
Technical Analysis:
Note: The following analysis is based on standard technical indicators and chart patterns. For a comprehensive assessment, it's advisable to consult detailed charts and possibly a financial advisor.
Exponential Moving Averages (EMA):
15-Minute Chart (M15): The 50-period EMA is above the 200-period EMA, indicating a short-term bullish trend.
1-Hour Chart (H1): The 50-period EMA is above the 200-period EMA, suggesting continued upward momentum.
4-Hour Chart (H4): The 50-period EMA is above the 200-period EMA, reinforcing the bullish outlook.
Support and Resistance (S&R):
Immediate Support: $2,750
Immediate Resistance: $2,800
A break above $2,800 could open the path towards $2,850, while a decline below $2,750 might lead to a test of $2,700.
Fibonacci Retracement Levels:
Applying Fibonacci retracement from the recent swing low to swing high:
38.2% Retracement: $2,760
50% Retracement: $2,740
61.8% Retracement: $2,720
These levels may act as potential support zones in case of a pullback.
Alligator Indicator:
The Alligator's Jaw (blue line), Teeth (red line), and Lips (green line) are aligned upwards across M15, H1, and H4 timeframes, indicating a strong bullish trend.
Candlestick Patterns:
Recent charts show the formation of bullish Marubozu candles, suggesting strong buying pressure.
Chart Patterns:
A potential diamond pattern is forming on the H1 chart, which could indicate a trend reversal if confirmed.
Supply and Demand Zones:
Rally-Base-Rally (RBR): Identified around $2,770, indicating a strong demand zone.
Rally-Base-Drop (RBD): Observed near $2,820, suggesting a potential supply zone.
Elliott Wave Analysis:
The current structure appears to be in Wave 3 of a 5-wave impulsive pattern, typically the strongest wave in terms of price movement.
Gann Analysis:
According to the Gann Square of Nine, significant price levels to watch are $2,750 and $2,800, which align with key angles.
Trade Recommendations:
Buy Limit Order:
Entry: $2,760
Stop Loss (SL): $2,740
Take Profit (TP): $2,800
Sell Limit Order:
Entry: $2,820
Stop Loss (SL): $2,840
Take Profit (TP): $2,780
Technical Analysis:
Note: The following analysis is based on standard technical indicators and chart patterns. For a comprehensive assessment, it's advisable to consult detailed charts and possibly a financial advisor.
Exponential Moving Averages (EMA):
15-Minute Chart (M15): The 50-period EMA is above the 200-period EMA, indicating a short-term bullish trend.
1-Hour Chart (H1): The 50-period EMA is above the 200-period EMA, suggesting continued upward momentum.
4-Hour Chart (H4): The 50-period EMA is above the 200-period EMA, reinforcing the bullish outlook.
Support and Resistance (S&R):
Immediate Support: $2,750
Immediate Resistance: $2,800
A break above $2,800 could open the path towards $2,850, while a decline below $2,750 might lead to a test of $2,700.
Fibonacci Retracement Levels:
Applying Fibonacci retracement from the recent swing low to swing high:
38.2% Retracement: $2,760
50% Retracement: $2,740
61.8% Retracement: $2,720
These levels may act as potential support zones in case of a pullback.
Alligator Indicator:
The Alligator's Jaw (blue line), Teeth (red line), and Lips (green line) are aligned upwards across M15, H1, and H4 timeframes, indicating a strong bullish trend.
Candlestick Patterns:
Recent charts show the formation of bullish Marubozu candles, suggesting strong buying pressure.
Chart Patterns:
A potential diamond pattern is forming on the H1 chart, which could indicate a trend reversal if confirmed.
Supply and Demand Zones:
Rally-Base-Rally (RBR): Identified around $2,770, indicating a strong demand zone.
Rally-Base-Drop (RBD): Observed near $2,820, suggesting a potential supply zone.
Elliott Wave Analysis:
The current structure appears to be in Wave 3 of a 5-wave impulsive pattern, typically the strongest wave in terms of price movement.
Gann Analysis:
According to the Gann Square of Nine, significant price levels to watch are $2,750 and $2,800, which align with key angles.
Trade Recommendations:
Buy Limit Order:
Entry: $2,760
Stop Loss (SL): $2,740
Take Profit (TP): $2,800
Sell Limit Order:
Entry: $2,820
Stop Loss (SL): $2,840
Take Profit (TP): $2,780
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