Technical Analysis: Gold (XAU/USD) 08/12/2024
Updated
🔍 Technical Analysis: Gold (XAU/USD)
Current Price Action:
- Currently trading at: 2634
- Triangle pattern forming on the chart; key to monitor breakout direction.
- Previous rising wedge pattern targets mentioned have been achieved.
---
📉 Market Overview:
- Downside Potential:
- Early signals from a 15-minute triangle breakout suggest a possible move to 2605.
- Critical Support Levels:
- 2617/2605: Essential support zone to watch.
- A break below this zone with a close on a 1-hour or 4-hour candle may lead to a sell-off.
📊 Potential Downside Targets:
1. 2590
2. 2565
3. 2535
4. 2490
*Note: A sustained close below 2617/2605 heightens the likelihood of reaching these targets.*
---
📈 Bullish Scenario:
- Breakout Zone:
- Key resistance area is 2649/2665.
- A strong close above this zone on a 1-hour or 4-hour candle could indicate bullish momentum.
Watch for Confirmation:
- A close above 2649/2665 signals potential upwards movement.
Possible Bullish Targets:
1. 2690
2. 2720
3. 2745
4. 2765
*Be prepared to take profits or adjust stop-loss as price approaches these resistance levels.*
---
📈 Conclusion:
- Monitor for breakout confirmation:
- Above 2649/2665: Look for bullish indicators and prepare for potential upward targets.
- Below 2617/2605: Be ready for potential bearish setups and track downside targets.
Wishing all traders a profitable week!
Stay vigilant and manage your risk appropriately! 💰✨
*Disclaimer: Please conduct your own research and trade wisely!*
#TechnicalAnalysis #Gold #XAUUSD #TradingView #MarketAnalysis
Current Price Action:
- Currently trading at: 2634
- Triangle pattern forming on the chart; key to monitor breakout direction.
- Previous rising wedge pattern targets mentioned have been achieved.
---
📉 Market Overview:
- Downside Potential:
- Early signals from a 15-minute triangle breakout suggest a possible move to 2605.
- Critical Support Levels:
- 2617/2605: Essential support zone to watch.
- A break below this zone with a close on a 1-hour or 4-hour candle may lead to a sell-off.
📊 Potential Downside Targets:
1. 2590
2. 2565
3. 2535
4. 2490
*Note: A sustained close below 2617/2605 heightens the likelihood of reaching these targets.*
---
📈 Bullish Scenario:
- Breakout Zone:
- Key resistance area is 2649/2665.
- A strong close above this zone on a 1-hour or 4-hour candle could indicate bullish momentum.
Watch for Confirmation:
- A close above 2649/2665 signals potential upwards movement.
Possible Bullish Targets:
1. 2690
2. 2720
3. 2745
4. 2765
*Be prepared to take profits or adjust stop-loss as price approaches these resistance levels.*
---
📈 Conclusion:
- Monitor for breakout confirmation:
- Above 2649/2665: Look for bullish indicators and prepare for potential upward targets.
- Below 2617/2605: Be ready for potential bearish setups and track downside targets.
Wishing all traders a profitable week!
Stay vigilant and manage your risk appropriately! 💰✨
*Disclaimer: Please conduct your own research and trade wisely!*
#TechnicalAnalysis #Gold #XAUUSD #TradingView #MarketAnalysis
Trade closed: target reached
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