GOLD / REMAIN BELOW TURNING LEVEL AT 2,507$ - 4H
Updated
XAUUSD / 4H TIME FRAME
The overall trend is downward , until trading below turning level at 2,507$ .
As mentioned yesterday, if prices remain below the pivot point at 2,507$, a decline towards 2,474$ is anticipated, which could yield a profit.
Currently, prices are again trading below 2,507$, with an expected range between 2,491$ and 2,507$. A break on either side will determine the direction. As long as prices stay below 2,507$, they are likely to revisit 2,474$ and 2,472$ . If these levels are broken and prices remain below, further declines toward 2,459$ are expected.
However, if the price breaks above 2,507$ and a 4-hour candle closes above this level, it suggests a potential rise toward 2,519$ .
KEY LEVELS :
The overall trend is downward , until trading below turning level at 2,507$ .
As mentioned yesterday, if prices remain below the pivot point at 2,507$, a decline towards 2,474$ is anticipated, which could yield a profit.
Currently, prices are again trading below 2,507$, with an expected range between 2,491$ and 2,507$. A break on either side will determine the direction. As long as prices stay below 2,507$, they are likely to revisit 2,474$ and 2,472$ . If these levels are broken and prices remain below, further declines toward 2,459$ are expected.
However, if the price breaks above 2,507$ and a 4-hour candle closes above this level, it suggests a potential rise toward 2,519$ .
KEY LEVELS :
- TURNING LEVEL : 2,507$ .
- RESISTANCE LEVELS : 2,519$ , 2,531$ .
- SUPPORT LEVELS : 2,472$ , 2,459$ .
Trade closed: target reached
reached first target + 240 pip profit .
currently prices trading below 2,491$ , as long as remain below it expected likely to reach again 2,472$ , then by breaking and stabilizing below this level further decline towards to 2,459$ and 2,436$ .
Trade active
after prices reach our target , know rising +290 pip profit , still continues downtrend until trading below 2,507$ . Disclaimer
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