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Can we break this resistance at 1889?Resistance line at 1889, there was price rejection a few time the candles have stopped right before that and back down to support 1883. Until that resistance is broken there will be this ranging of areas. ----- OANDA:XAUUSD Gold seems to be respecting the support/resistance areas confirmed by: trendlines , support, pivot standard, and Fibonacci levels. It is a great time to be alive and see gold with a support at 1883 on the 15 min chart, make sure to go through all time frames for stronger levels. Fundamentals are also at play here since no good news surfacing the planet yet. There is a list of good news headlines to watch out for that could make this downtrend: Covid-19 Vaccines; End of Recession; DXY uptrend; US Elections,which we will probably see August or September. When you have two or more levels come together at a certain point on your chart that is called confluence zones, they can further validate the areas. If you liked the chart please leave a thumbs up and check my previous analysis as it will motivate me to continue. Have a great weekend & Happy Trading! About my style of analysis, I like a simplistic route of Naked Forex and Candlestick patterns. I do combine tools, but I don't like to base my analysis on indicators alone even though they are great help for confirmations sometimes. While embarking on this trading journey remember to pick whatever style works for you, everyday is a learning experience. If you have any trading ideas please drop in the comments. This chart is for educational proposes only, this is not financial advice. KEY LEVELS R3 1937.47 R2 1917.95 R1 1902.75 PP 1883.23 S1 1868.03 S2 1848.51 S3 1833.31 just now Order cancelled: Resistance line at 1888, there was price rejection a few time the candles have stopped right before that and back down to support 1883. Until that resistance is broken there will be this ranging of areas.
OANDA:XAUUSDLong
by Cangaceiro
Gold hunted Bears and Bull along the way. Are we there yet? As I mentioned, a stop hunt and classic pullback scenario occurred. Now we retraced to 38% on the Fibonacci and key levels were tested all the way from 1981 to 1900s. As it stands gold will continue to test resistance at 1941-61, before any further action can be taken. Always wait for confirmation my friends, do not allow FOMO (Fear of Missing Out) to blow your account. Last correction we had was a long time ago, all indicators were overbought. Classic herd mentality was Buy!!!! this is why it is important to wait for conformation to avoid stop hunt. Be flexible with your market direction as it can change anytime (hedging for example, sell at price rejection with confirmation). Now lets stick with the plan and trade play by play using confirmation as we cross the zones I noted in the chart. A combination of Fundamentals/Market Sentiment/ Technical analysis is how I prefer to make my decisions. There were several fundamentals at play during the pullback, make sure to keep up with them. Leave a like and follow me as this is a big support and motivation to continue. Good Luck this week and stay Golden!
OANDA:XAUUSDLong
by Cangaceiro
Gold loves tragedy...are we going to see higher highs? OANDA:XAUUSD If you haven’t read my previous ideas, please do so it will help understand where we are with gold. As tensions rises between USA and China, gold is getting the necessary bullish boost. I'd appreciate a like and follow as it motivates me to continue to post. DXY is taking a dive as of now due to COVID-19 and current events as mentioned above. Fundamentals are driving this bullish move by the horns. Confluence zones are confirming Key level zones as mentioned above. We are a long way from support, so stop hunts are possible. I will wait for further confirmation before moving up , if you’re following me we have been in this journey since 1890s zone. Safe travels and plan accordingly with fundamentals/technical. My next TP is 1988, slight price rejection on 1981 so lets see where the next candle forms!
TVC:GOLDLong
by Cangaceiro
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