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Bitcoin as Water. Will Bitcoin move towards less resistance?Hello, The volume profile of this chart with 4-hour candles indicates two levels where high trading interest can be found. One of these levels is the orange level, $91.5k, around which Bitcoin built a strong support zone. The other level is the red line, $98.5k, where BTC has a strong sell zone. I expect the price action to unfold between these two zones. You may ask which would come next. The current price, $97.1k, is closer to the sell zone than the buy zone. Hitting the sell zone requires less effort than falling into the buy zone. A few people observed that the market often moves towards less resistance. This lesser resistance is now moving into the sell zone. Furthermore, MACD goes up like a bullish trend, which means technicals contribute to BTC hitting the sell zone next time. The white trendline on the chart can act as additional support, which means for BTC to fall into the buy zone, it has to cut down the white trendline. Again, the less resistance for the price would be not to cut down the support trendline, but to pump into the sell zone, which is open from the bottom up without additional resistance standing in the way. Regards, Ely
BITSTAMP:BTCUSDLong
by Elysian_Mind
NaturalGas enters resistance zone. H4 25.11.2024⛽️ NaturalGas enters resistance zone 📉 On gas the price has entered the zone of strong resistance 3.51-3.63 from which I expect a new exit of the price down. Now on the comeback a false break above is possible, but in general the zone for selling is strong. I aim for a bounce down to 3.0 and 3.15, and there will clarify. The main support is near 3.0 and there is the boundary of the ascending channel from which they can bounce up again. FX:NGAS
FX:NGASShort
by KovachTrader
Wedge accumulation forming on BTC dailyA wedge structure, consolidating price action forming on the BTC daily chart. I would generally consider this to be a bullish continuation pattern. There is the chance that it could break down of course. Volume is decreasing in the pattern which is further support of the idea. In general, these are sized up by the price difference between the opening end (left side) of the beginning of the wedge. It isn't possible to make an exact prediction until the breakout but roughly we should expect a $9,000+ breakout (up or down) once the wedge pattern is broken. Often there can be a retest of the wedge but it is a small wedge and BTC is overall really bullish right now, so I would expect it to just run again after the breakout.
BITSTAMP:BTCUSDLong
by wuliwong
2
The BankNIFTY Index Futures chart - Fibonacci Trading StrategyThe BankNIFTY Index Futures chart presents a fascinating case for Fibonacci retracement analysis. After a significant downtrend from the peak at 55,000, the index has shown a series of bounces and pullbacks, which are classic signals for Fibonacci traders. Key Observations: Downtrend Confirmation: The initial peak around 55,000 was followed by a sharp decline, confirming a bearish trend. This sets our high point for Fibonacci levels. Fibonacci Levels: From the high at 55,000 to the low at 50,130, key Fibonacci retracement levels are established: 23.6% at 51,288 38.2% at 52,003 50% at 52,582 61.8% at 53,160 78.6% at 53,984 Support and Resistance: The chart shows multiple touches around the 50% (52,700) and 61.8% (53,160) levels, indicating strong support/resistance zones. The recent price action around these levels suggests potential reversal or continuation signals. Trading Strategy: Long Position: Consider entering a long position if the price finds support at the 50% or 61.8% Fibonacci levels, especially with confirmation from other indicators like RSI or MACD. Stop loss can be set below the 78.6% level or recent swing lows. Short Position: If the price breaks below the 50% level with volume, it might target the 61.8% or even the 78.6% Fibonacci level for further downside. Confirmation from bearish candlestick patterns or momentum indicators would strengthen this trade. Breakout Strategy: Watch for a breakout above the 61.8% or 78.6% levels. A confirmed breakout could lead to a new uptrend, with targets potentially aiming for the previous high or higher Fibonacci extensions. Volume Analysis: Notice the spike in volume around the recent lows and subsequent recovery. This could indicate strong buying interest at lower levels, suggesting a potential bullish reversal or at least a strong support zone. Risk Management: Always use stop losses to manage risk, especially in volatile markets like BankNIFTY. Adjust your position size according to your risk tolerance and the volatility of the instrument. This Fibonacci-based approach provides a structured way to navigate the market's waves, leveraging historical price action for future predictions.
NSE:BANKNIFTYZ2024Long
by stocktechbot
GER 40 Trade LogGER40 Short Position (Discretionary) Rationale : - Overextension: The GER40 index appears significantly overextended without substantial fundamental support. - Rising German Bond Yields: An increase in German government bond yields suggests a shift towards higher borrowing costs, potentially impacting equity valuations. - MACD Divergence: A notable divergence between the MACD indicator and price action indicates a weakening bullish momentum, often preceding a trend reversal. - CVD Divergence: Divergence in the Cumulative Volume Delta points to a disparity between buying and selling pressures, signaling a potential downturn. Trade Details : - Position: Short GER40 via market order - Risk Management: - Risk per Trade: 1% of trading capital - Risk-Reward Ratio (RRR): 1:2 Note: This trade is discretionary and anticipates a sharp correction at market open. Despite the lack of a formal signal, the confluence of technical indicators and macroeconomic factors supports this decision.
PEPPERSTONE:GER40Short
by Fondera
Technical Analysis of Gold Spot (XAU/USD) - 1H ChartThe chart reflects Gold's price action consolidating between critical support and resistance zones, with potential breakout or breakdown scenarios. Below is a detailed analysis of bullish and bearish setups with entry and exit strategies. Key Observations Trend Overview: The price is trading within a range-bound structure, with resistance near $2,662 and support at $2,620–$2,622. The formation of a liquidity void near the $2,662 resistance zone highlights strong sell-side activity during prior tests. Support Levels: $2,620–$2,622: Immediate support zone, aligning with the Buy-Side Order Block. $2,602–$2,605: Strong demand zone where buyers previously entered aggressively. $2,586–$2,590: Extended support zone in case of a deep correction. Resistance Levels: $2,662–$2,665: Immediate resistance zone, coupled with sell-side pressure. $2,711–$2,720: Major resistance and potential breakout target. Volume Analysis: Buy Volume: 2.797M vs. Sell Volume: 489.6K (Delta Volume: 140.41%): Indicates bullish activity holding price above support. The low volume near $2,662 suggests that sellers are actively rejecting higher prices. NY Midnight Open: Price is hovering near the NY Midnight Open at $2,644.36, acting as an intraday pivot level. Bullish Scenario Conditions for a Bullish Move: Price must sustain above the $2,620–$2,622 support zone and break through the $2,662 resistance zone. A breakout and close above $2,662 would confirm bullish momentum toward higher resistance levels. Entry Points: Aggressive Entry: Buy near the $2,620–$2,622 support zone, with a stop-loss below $2,610. Conservative Entry: Enter on a breakout and retest above $2,662, confirming bullish continuation. Exit Points (Take Profit): First Target: $2,662 (immediate resistance breakout level). Second Target: $2,711 (key resistance zone). Final Target: $2,720 (extended bullish target). Invalidation: A breakdown below $2,610 would invalidate the bullish setup. Bearish Scenario Conditions for a Bearish Move: Price fails to break above $2,662, facing strong rejection and confirming sell-side dominance. A confirmed breakdown below $2,620 would open the path for further downside. Entry Points: Aggressive Entry: Short near $2,662 if price shows rejection, with a stop-loss above $2,670. Conservative Entry: Enter short after a confirmed breakdown below $2,620, with a stop-loss above $2,630. Exit Points (Take Profit): First Target: $2,602–$2,605 (key support zone). Second Target: $2,590 (extended support). Final Target: $2,586 (major demand zone and extended bearish target). Invalidation: A breakout above $2,670 would signal bullish continuation and invalidate the bearish setup. Key Indicators to Monitor Volume Behavior: Increasing buy volume near $2,620 supports the bullish scenario. High sell volume near $2,662 would confirm bearish pressure. Price Action at Resistance: Price must break and sustain above $2,662 to confirm a bullish breakout. Liquidity Zones: The liquidity void near $2,662 will determine whether sellers dominate or buyers push price higher. Summary of Probable Entry & Exit Points Scenario Entry Zone Stop-Loss Target Levels Bullish $2,620–$2,622 (Aggressive) or above $2,662 (Conservative) $2,610 $2,662, $2,711, $2,720 Bearish $2,662 (Aggressive) or below $2,620 (Conservative) $2,670 $2,605, $2,590, $2,586 Conclusion Bullish Outlook: A breakout above $2,662 can lead to a rally toward $2,711 or even $2,720. Bearish Outlook: A rejection at $2,662 or a breakdown below $2,620 could result in declines toward $2,605–$2,586. Traders should closely monitor the price action and volume near $2,620 and $2,662 to confirm the next move. Manage risk with tight stop-loss levels and clear entry triggers.
FX:XAUUSD
by ProspireWealth
A8USD 12/2/2024A8USD Daily Chart Analysis The chart for A8USD displays a classic bullish reversal pattern, signaling a strong potential for upward movement. Here's the analysis: Key Observations 1. Pattern Formation: o Between October and November 2024, price appears to have formed a bottom, creating an inverted head and shoulders pattern. 2. Neckline Breakout: o At the end of November, price broke through the neckline of the pattern. o Several consecutive closes above the neckline reinforce the breakout's validity. 3. Volume and Momentum: o A spike in volume confirms strong participation in the breakout. o The MACD in bullish territory indicates positive momentum backing the move. Trade Details • Position: Long • Entry: 0.1270 • Stop Loss: 0.1052 (17.21% risk) • Initial Target: 0.2177 (67.48% potential return) • Risk-to-Reward Ratio: 3.93 This trade setup offers an excellent risk-to-reward ratio and is supported by a solid technical reversal structure and bullish momentum indicators.
COINBASE:A8USDLong
by rudcharts
ETH Stalling: Is a Reversal Brewing? Price Action Hints at Potential Downside Ethereum (ETH) bulls seem to be losing control. After a strong surge, the price action is showing signs of fatigue. Here's what we're seeing: Resistance Rejection: ETH has struggled to break above ~$3600. This inability to achieve this key level suggests the buying power is waning. This key level is acting like a ceiling, with sellers aggressively defending it. Keep a close eye on the ~$3600 level. A break above this level could confirm a reversal and send ETH towards higher highs. White Box's indicate potential Take Profit Zones. What do YOU think? Is this the end of the ETH rally? Disclaimer: This is not financial advice. Please do your own research before making any trading decisions. Further levels will be posted as the price action develops.
Short
by SwingSamurai_QMA
Intraday Levels for Nasdaq 100 FuturesThis analysis highlights key Support zones for intraday trading, based on the provided chart. Analysis The Nasdaq 100 has reached its all-time highs, meaning there are currently no technical resistances above the current levels. However, we can identify some support zones where the price might bounce or reverse. Considerations To confirm the validity of these levels, it is essential to evaluate real-time conditions as the price approaches these zones. Factors such as pressure, trading volume, and Order Flow will play a critical role in determining whether these supports hold or are likely to be broken.
CME_MINI:NQ1!
by Giovanni_Bandini
Ape Coin: Ready to Ride the Wave of 2025Hi All, 👋 Ape Coin has been fluctuating in a descending channel but then reached cent prices. Previously, it dropped sharply but later corrected and stabilized within a channel until now! Currently, the volume of money in Ape Coin has remained steady and hasn't been withdrawn from the whalers. 🐋💰 A new upward trend might start in the new year 2025, and I'm waiting for a stronger wave to make a second entry investment. I bought at the bottom and am ready to re-enter again in good wave! 📈🚀 If you're considering investing in this well-known NFT Ape Coin, manage your risk properly and Don't Be Greedy!!! 💡📊 Remember, capital and risk management are crucial in financial markets. 📈💼 Good luck, everyone! 🍀✨ Happy Investing All, ❤️ Armin
Long
by ArminAcademy
Technical Analysis of Gold Spot (XAU/USD) - 1H Chart This chart depicts a consolidation phase with price action fluctuating between support and resistance levels. The market currently trades within a range, with key levels providing opportunities for both bullish and bearish scenarios. Key Observations Trend Overview: Gold remains in a sideways consolidation phase, trading between the $2,620–$2,662 range. The price attempted to test the resistance near $2,662 but faced rejection, suggesting sellers are active at higher levels. Support Levels: $2,620–$2,622: A critical short-term support zone, marked by the presence of a Buy Side Order Block. $2,602–$2,605: Next major support zone if price breaks below the immediate support. $2,585–$2,590: A strong demand area and a potential target for a bearish move. Resistance Levels: $2,662–$2,665: Immediate resistance zone where sellers dominate, reinforced by liquidity voids. $2,711–$2,715: Major resistance zone and an extended target for a bullish breakout. Volume Analysis: Sell Volume (203.25K): High sell-side activity suggests resistance near $2,662. Buy Volume (2.567M): Buyers are stepping in near the $2,620–$2,622 support zone to prevent further downside. Key Levels: NY Midnight Open: Positioned at $2,640.31, acting as an intraday pivot level. Bullish Scenario Conditions for a Bullish Move: Price must hold above the support at $2,620 and break above the resistance at $2,662. Sustained buying momentum could target higher levels at the top of the range. Entry Points: Aggressive Entry: Buy near $2,620–$2,622, with a stop-loss below $2,610. Conservative Entry: Enter on a breakout above $2,662, with a stop-loss below $2,650, targeting higher levels. Exit Points (Take Profit): First Target: $2,662–$2,665 (liquidity void resistance). Second Target: $2,711–$2,715 (major resistance zone). Invalidation: A breakdown below $2,610 would invalidate the bullish scenario. Bearish Scenario Conditions for a Bearish Move: Price fails to break above $2,662 or rejects near this level. A breakdown below $2,620 would signal bearish continuation. Entry Points: Aggressive Entry: Short near $2,662, with a stop-loss above $2,670. Conservative Entry: Enter short after a confirmed breakdown below $2,620, with a stop-loss above $2,630. Exit Points (Take Profit): First Target: $2,605 (next support level). Second Target: $2,585–$2,590 (key demand zone). Invalidation: A breakout above $2,670 would invalidate the bearish setup. Key Indicators to Monitor Volume Analysis: Increasing buy volume near $2,620 strengthens the bullish case. Heavy sell volume near $2,662 would support the bearish outlook. Breakout Levels: A breakout above $2,662 signals bullish momentum, while a breakdown below $2,620 indicates bearish continuation. Order Blocks: The Buy Side Order Block near $2,620 is critical for maintaining bullish support. If price closes below this level, expect further downside. Summary of Probable Entry & Exit Points Scenario Entry Zone Stop-Loss Target Levels Bullish $2,620–$2,622 (Aggressive) or above $2,662 (Conservative) $2,610 $2,662, $2,711 Bearish $2,662 (Aggressive) or below $2,620 (Conservative) $2,670 $2,605, $2,585 Conclusion Bullish Outlook: If price holds above $2,620 and breaks above $2,662, expect a move toward $2,711. Bearish Outlook: A rejection at $2,662 or a breakdown below $2,620 could lead to declines toward $2,605 or lower. Traders should watch for a breakout or breakdown of the range to confirm the next major move while managing risk with appropriate stop-loss placements.
FX:XAUUSDLong
by ProspireWealth
DOGE seems to start its rally DOGE is one of the biggest cryptos and supported by Elon Musk. It seems that DOGE wants make a move after a long period of consolidation in a huge triangle. I look at the CMF values and see some early sign of a potential break-out triggering a big rally. Although DOGE was stable at a strong support (90% down from ATH), CMF has been increasing since August 2022. Now, CMF value is about to flip to positive values. When this happened in the past, precisely in December 2020, DOGE had made x15. So I'm buying (DCAing) here and wait for some news from Elon or the community. How's about you? Do you think that DOGE will be back to its ATH or even better set a new one?
by evasivesteering
7
XRP long-term plan XRP has been consolidating below $0.6 for almost two years. The current weekly candle is not really impressive when comparing XRP with other big cap cryptos. However, this candle would be a start for future big moves. Indeed, the long-term trendline since May 2021 seems to be broken very soon. The trendline of volume indicator CMF is also being broken. My plan was to accumulate XRP around $0.5-$0.6 (or any lower dips) and take profit at mid-term (starting from $1.6) and long-term target (around $5). Disclaimer: This analysis is based on my personnal views and is not a financial advice. Risk is under your control. ---- About XRP ---- XRP is a digital currency commonly associated with Ripple Labs, a technology company focused on providing solutions for cross-border payments. XRP serves as a bridge currency in the Ripple network, facilitating the transfer of value between different fiat currencies or other cryptocurrencies in a fast and cost-effective manner. It's often used by financial institutions and payment providers for remittances and other cross-border transactions due to its efficient settlement times and low transaction fees.
Long
by evasivesteering
WTI Crude Oil 2024: Range-Bound Trends and Key LevelsBig Picture: WTI Crude Oil Futures prices have been largely range-bound for most of 2024 with yearly low of 62.54 and high at 81.75 defining the trading range. Analyzing the Composite Volume Profile since January 2022 reveals that 2024’s price action has been contained within the Composite Value Area High (CVAH) at $79.91 and Composite Value Area Low (CVAL) at $63.57 We further note that while there are many bearish and bullish analyses for crude oil floating from different market analysts, market auction theory and charts point towards further range bound price action for December 2024 and foreseeable 2025 ahead until proven otherwise. OPEC+ meeting is scheduled to take place on December 5th, 2024. It was previously planned to take place on Dec 1st, 2024. The change accommodates the Kuwait Summit, with Saudi Arabia and its allies expected to discuss production quotas—a decision that could influence market dynamics. Additionally, U.S. crude oil production in 2024 has reached record-high levels. Geopolitical issues have not had a major impact on Crude prices as prices remain range bound. Intraday volatility remains amidst geopolitical uncertainty. WTI Crude Oil Key Levels: CVAH : 79.91 CVAL : 63.57 2024 Yearly Mid : 72.15 2024 Yearly Lo : 62.54 2024 CVAH : 75.60 2024 CVAL : 66.97 Market Scenarios: Short Term Resistance (2024 Mid and CVAH) : Price movements toward the upper range (CVAH at $79.91 or $75.60) could signal buyer exhaustion, with limited upside momentum expected. Short Term Support (CVAL and Yearly Low) : Movements toward lower levels (CVAL at $63.57 or $66.97) may indicate seller exhaustion, preventing a significant breakdown. As crude oil remains range-bound, traders should monitor these key levels and the OPEC+ meeting outcomes for potential catalysts. Until then, the market appears set to maintain its current trading range. Disclaimer : The views expressed are personal opinions and should not be interpreted as financial advice. Derivatives involve a substantial risk of loss and are not suitable for all investors.
NYMEX:CL1!
by EdgeClear
2
EUR/GBP Day Trading Analysis With Volume ProfileOn EUR/GBP , it's nice to see a strong sell-off from the price of 0.83150 . It's also encouraging to observe a strong volume area where a lot of contracts are accumulated. I believe that sellers from this area will defend their short positions. When the price returns to this area, strong sellers will push the market down again. Downtrend and high volume cluster are the main reasons for my decision to go short on this trade. Happy trading, Dale
by Trader_Dale
1
CHF/JPY continues the downtrendOn CHF/JPY , it's nice to see a strong sell-off from the price of 171.540 and 172.500. It's also encouraging to observe a strong volume area where a lot of contracts are accumulated. I believe that sellers from this area will defend their short positions. When the price returns to this area, strong sellers will push the market down again. Support from the past and high volume cluster are the main reasons for my decision to go short on this trade. Happy trading, Dale
by Trader_Dale
CAD/CHF Resistance with Fair Volume GapOnCAD/CHF , it's nice to see a strong sell-off from the price of 0.63320. It's also encouraging to observe a strong volume area where a lot of contracts are accumulated. I believe that sellers from this area will defend their short positions. When the price returns to this area, strong sellers will push the market down again. Fair Volume GAP (FVG) and high volume cluster are the main reasons for my decision to go short on this trade. Happy trading, Dale
by Trader_Dale
The BANK NIFTY futures chart is signalling critical levels🚀 Attention NSE and StockMarketIndia traders! The BANK NIFTY futures chart is signalling critical levels you don't want to miss. We've got a strong resistance around 53,160, marked by a Fibonacci retracement level at 0.618 level. This level has been tested multiple times, showing the market's hesitation to break through. If we see a close above this level with volume, it could indicate a bullish breakout, targeting the next Fibonacci level at 0.786. On the downside, watch the 52000 supports, which aligns with the 0.382 Fibonacci retracement level. A break below this could lead to a deeper correction, potentially testing the psychological 50,000 mark before finding a base. As the Fibonacci retracement shows the compelling price swings between the levels of 0.382 & 0.5 at the horizon. The Fibonacci time-based extension predict the price movement at the vertical time frame. Volume spikes are crucial here; increased volume on upward moves could validate a bullish scenario, while high volume on declines would suggest a bearish continuation. Stay vigilant, set your stop-losses wisely, and be ready for volatility. The market is at a pivotal point. Follow @stocktechbot for continuous updates and insights.
NSE:BANKNIFTYZ2024
by stocktechbot
BABA retesting the Point of Control and 3D 200SMA, will it hold?BABA could be changing trend. It's retesting the 3Day 200 SMA. The Point of Control (POC) represents the price level with the highest traded volume within a given range, making it the most significant level of price acceptance When price retests a previously broken (VRVP) level and holds: It suggests that the level has flipped from resistance to support (if price is above) or from support to resistance (if price is below). If the S/R flip is a fakeout, we could go to the bottom of the pattern. If we can hold the point of control, the trend could be changing. Test overhead resistance again and eventually reach the top of the pattern.
NYSE:BABALong
by NotQualifiedToGiveFinAdv
1
Technical Analysis of S&P CNX Nifty Index Futures (15-Min Chart)The chart highlights a consolidation phase near a resistance zone after a bullish move from lower levels. Below is a detailed analysis, including the bullish and bearish scenarios, with potential entry and exit points. Key Observations Trend Overview: The price has been consolidating near the 24,376–24,400 resistance zone after a sharp uptrend. A clear breakout above this resistance could confirm further bullish momentum, while rejection at this level may signal a pullback. Support Levels: 24,164–24,190: Key support zone (aligned with NY Midnight Open at 24,191.2), providing short-term buying interest. 23,608–23,650: Major demand zone where the prior uptrend originated, acting as a strong support level. Resistance Levels: 24,376–24,400: Immediate resistance zone, with visible selling pressure. 24,568–24,600: Secondary resistance zone and potential breakout target. 24,724–24,750: Major resistance area, marking the extended bullish target. Volume Analysis: High Sell Volume (512.65K): Indicates significant selling pressure near 24,376, confirming this as a key resistance level. Buy-side interest remains active near 24,190, preventing a deeper correction so far. Bullish Scenario Conditions for a Bullish Move: Price must break above 24,400 with strong volume, confirming a breakout of the resistance zone. Sustained buying pressure would push the price toward higher resistance levels. Entry Points: Aggressive Entry: Buy near the 24,164–24,190 support zone, with a stop-loss below 24,150. Conservative Entry: Buy on a confirmed breakout and retest above 24,400, with a stop-loss below 24,350. Exit Points (Take Profit): First Target: $24,568–$24,600 (secondary resistance zone). Second Target: $24,724–$24,750 (major resistance and extended target). Invalidation: A breakdown below 24,150 would invalidate the bullish setup. Bearish Scenario Conditions for a Bearish Move: Price fails to break above 24,400, indicating strong selling pressure. A confirmed breakdown below 24,164 would open the path for further downside. Entry Points: Aggressive Entry: Short near the 24,376–24,400 resistance zone if rejection is visible, with a stop-loss above 24,420. Conservative Entry: Short after a confirmed breakdown below 24,164, with a stop-loss above 24,200. Exit Points (Take Profit): First Target: $24,000 (psychological support level). Second Target: $23,650–$23,608 (major demand zone and strong support). Invalidation: A breakout above 24,420 would signal potential bullish continuation. Key Indicators to Monitor Volume Behavior: Watch for increased buying volume near 24,190, supporting the bullish case. Sustained selling volume near 24,400 would confirm bearish rejection. Breakout Levels: A breakout above 24,400 could trigger bullish momentum toward 24,568 or higher. A breakdown below 24,164 signals a bearish move targeting lower levels. Market Sentiment: The consolidation phase suggests indecision; a breakout or breakdown will clarify the direction. Summary of Probable Entry & Exit Points Scenario Entry Zone Stop-Loss Target Levels Bullish $24,164–$24,190 (Aggressive) or above $24,400 (Conservative) $24,150 $24,568, $24,724 Bearish $24,376–$24,400 (Aggressive) or below $24,164 (Conservative) $24,420 $24,000, $23,608 Conclusion Bullish Outlook: A breakout above 24,400 can lead to a rally toward 24,568 and potentially 24,724. Bearish Outlook: A failure to break 24,400 or a breakdown below 24,164 may lead to declines toward 24,000 or 23,608. Traders should monitor the price action around 24,400 and 24,164 to identify the next significant move, while using tight stop-losses to manage risk.
NSE:NIFTY1!Long
by ProspireWealth
Technical Analysis of Gold Spot (XAU/USD) - 1H ChartThe chart illustrates Gold's price consolidating around a critical support zone after a prior rejection from the resistance level at $2,660. Below is the detailed analysis for bullish and bearish scenarios, along with potential entry and exit points. Key Observations Trend Overview: Gold is trading within a sideways consolidation phase, following a significant rejection from $2,660 and currently holding above the key $2,619–$2,622 support zone. A liquidity void (price inefficiency) is visible at $2,655–$2,660, suggesting potential resistance in this area. Support Levels: $2,619–$2,622: Immediate support zone; price is consolidating above this level. $2,602–$2,605: Next strong support level. $2,552–$2,560: Major demand zone from which a strong bounce occurred earlier. Resistance Levels: $2,655–$2,660: First key resistance and liquidity void zone; price previously rejected here. $2,677–$2,680: Secondary resistance zone. $2,711–$2,740: Major resistance area, marking extended bullish targets. Volume Analysis: Sell Volume (120.3K): Indicates significant selling pressure near the resistance zone, highlighting bearish sentiment. Buy Volume (2.519M): Current support is holding due to active buying interest near $2,619. NY Midnight Open: The NY Midnight Open at $2,629.28 serves as a pivot point, with price oscillating around this level. Bullish Scenario Conditions for a Bullish Move: Price must hold above the $2,619–$2,622 support zone and break above $2,640 (near-term resistance). Sustained momentum above $2,655 would confirm a bullish breakout toward higher levels. Entry Points: Aggressive Entry: Buy near the $2,619–$2,622 support zone, with a stop-loss below $2,610. Conservative Entry: Enter on a confirmed breakout and retest above $2,655, targeting higher resistance levels. Exit Points (Take Profit): First Target: $2,655–$2,660 (liquidity void resistance zone). Second Target: $2,677–$2,680 (key resistance). Final Target: $2,711–$2,740 (major resistance zone). Invalidation: A breakdown below $2,610 would invalidate the bullish setup. Bearish Scenario Conditions for a Bearish Move: Price fails to break above $2,640 or $2,655, signaling continued selling pressure. A confirmed breakdown below $2,619 would suggest further downside. Entry Points: Aggressive Entry: Short near $2,640–$2,655 if price shows rejection, with a stop-loss above $2,665. Conservative Entry: Enter short after a confirmed breakdown below $2,619, targeting lower support levels. Exit Points (Take Profit): First Target: $2,602–$2,605 (next support level). Second Target: $2,560 (key demand zone). Final Target: $2,552 (major support and extended bearish target). Invalidation: A breakout above $2,665 would invalidate the bearish thesis and signal a potential reversal. Key Indicators to Monitor Volume Activity: Watch for increased buy volume near $2,619, indicating strong demand. Sustained sell volume near $2,640–$2,655 would reinforce bearish sentiment. Breakout Levels: A breakout above $2,655 could trigger bullish momentum, while a breakdown below $2,619 confirms bearish continuation. Liquidity Zones: The liquidity void near $2,655 is critical; price action in this area will reveal market direction. Summary of Probable Entry & Exit Points Scenario Entry Zone Stop-Loss Target Levels Bullish $2,619–$2,622 (Aggressive) or above $2,655 (Conservative) $2,610 $2,655, $2,680, $2,740 Bearish $2,640–$2,655 (Aggressive) or below $2,619 (Conservative) $2,665 $2,605, $2,560, $2,552 Conclusion Bullish Outlook: If price holds above $2,619 and breaks through $2,655, expect a rally toward $2,680 or even $2,740. Bearish Outlook: Rejection at $2,655 or a breakdown below $2,619 may lead to declines toward $2,605 or lower. Traders should monitor the price action closely around the support at $2,619 and resistance at $2,655, using volume as confirmation for the next move.
FX:XAUUSDShort
by ProspireWealth