XAUUSD...Temp DT Curve Analysis
📈 Despite the overall positive outlook for gold, it seems that we are currently witnessing a temporary decline.
1️⃣ The initial level of support, where we may observe a rebound or stabilization, is approximately $2,439. This was also the previous ATH.
2️⃣ Following that, the next level of support is around $2,424.
3️⃣ Finally, the significant support level, where we anticipate a resurgence in prices, is approximately $2,405.
✍️ I expect the short to continue, and I won't consider an uptrend until we reach the demand level, which is also around $2,405.
⚠️ This is a HIGH-RISK, COUNTER-TREND trade ⚠️
1️⃣ The initial level of support, where we may observe a rebound or stabilization, is approximately $2,439. This was also the previous ATH.
2️⃣ Following that, the next level of support is around $2,424.
3️⃣ Finally, the significant support level, where we anticipate a resurgence in prices, is approximately $2,405.
✍️ I expect the short to continue, and I won't consider an uptrend until we reach the demand level, which is also around $2,405.
⚠️ This is a HIGH-RISK, COUNTER-TREND trade ⚠️
Trade active
XAUUSD...DT (30m)
✍️ Based on my analysis, I have identified a resistance level of $2,461 that is close to the current price.
📉 Additionally, there is a higher resistance level of $2,463 that is further away. Once price action reaches either of these levels, there is a high likelihood of price action continuing to decline.
➖I am considering a couple of areas of support, with the main one being at $2,439. Expect to see minor levels of support at $2,424, $2,392, and $2,368.
📈Our final target is a significant support level at $2,323. This support level is situated within the demand zone, suggesting that gold may soon resume its upward trend.
👍 I'll make sure to provide you with regular updates as I observe and analyze any developments.
Trade closed: target reached
💰 All 4 of our TPs triggered for a net win of +5,000 pipsTrade closed: target reached
As anticipated PA did continue the downtrend. I shaved @ TP4, and I'm still holding some short positions.
1️⃣ PA closed below 2386 on the 1H
2️⃣ Support should become Resistance @ 2393
3️⃣Next stop should be 2366
Professor C. E. Ward
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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.
Professor C. E. Ward
Related publications
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.