Gold's analysis - 30 Oct 2024Gold has reached upper level of the ascending daily zone.
Our recommendation;
Sell Gold @ 2780
Stop loss at 2805
Take Profit @ 2720
XAUUSDG trade ideas
Gold Trading- How to Avoid false breaks- 3 simple tipsIf you’ve been trading long enough, you know the rush of seeing a big bullish breakout. Those massive green candles make it tempting to jump in immediately, fearing you might miss the move. But if you’ve experienced a few of these moves reversing sharply, you also know the sting of buying at the top.
False breakouts—when price appears to break out but quickly reverses—can be frustrating. You can’t avoid them entirely, but using a few smart strategies can help reduce the risk of getting caught on the wrong side of a trade. Let’s dive into key strategies for breakout trading, including buying dips in an uptrend and selling rallies in a downtrend.
1. Don’t “Chase” the Markets
When the market suddenly surges higher with multiple big bullish candles, the temptation to enter is strong. This move can make it feel like you’ll miss out if you don’t buy immediately. But in most cases, strong moves like this mean the market is likely due for a pullback. In an uptrend, these fast, high candles can often reverse or slow down, leaving those who bought at the high with losses.
Pro Tip: If you spot three or more large bullish candles in a row, it’s usually too late to enter. Waiting for a pullback (which we’ll discuss soon) is often the safer approach.
2. Trade with the Trend: Buy Dips in an Uptrend and Sell Rallies in a Downtrend
One of the most effective strategies for avoiding false breakouts is trading with the trend. Here’s the basic principle:
In an Uptrend: Buy dips. When the market is trending upward, buying during short-term pullbacks is often a better strategy than buying during strong rallies. This approach allows you to get in at a lower price, reducing the risk of buying at the high.
Example: Suppose the market is moving steadily upward but experiences brief pullbacks to a support level. This is an ideal opportunity to buy, as it aligns with the trend's direction without chasing after a breakout that could reverse.
In a Downtrend: Sell rallies. During a downtrend, the market will often move lower, but with periodic upswings. These rallies are temporary and typically followed by further downward moves. Selling during these rallies can help you align with the downtrend while avoiding the risk of a sudden reversal.
This buy-dip, sell-rally strategy aligns your trades with the overall market direction, minimizing the chances of getting caught in short-lived breakouts.
3. Look for a Buildup Before Entering a Breakout Trade
One key strategy to avoid false breakouts is waiting for a buildup near a key resistance or support level. A buildup is a tight consolidation (or a “squeeze”) pattern that suggests the market is coiling up energy to make a sustained move in one direction. Here’s how it helps:
Buildup at Resistance: If an uptrend is approaching a resistance level, a buildup (narrow price range) near that level often indicates strong buying pressure. It suggests that sellers are struggling to push prices lower, increasing the likelihood of a successful breakout above resistance.
Stop Loss Placement: If the price breaks out from a buildup, you can use the low of the buildup as a stop-loss point. This gives you a more favorable risk-to-reward ratio because if the breakout is genuine, it’s unlikely to fall below the buildup low.
Pro Tip: Patience is key. Wait for the buildup pattern to appear near resistance in an uptrend or support in a downtrend before taking a breakout trade. This approach is particularly useful when combined with buying dips in an uptrend or selling rallies in a downtrend.
Very recent example (yesterday):
Summary:
Strategies for Breakout Trading and Trend Alignment
To avoid getting caught in false breakouts, follow these steps:
- Don’t chase big moves after three or more bullish or bearish candles.
- Align with the trend by buying dips in uptrends and selling rallies in downtrends.
- Use buildup patterns to time your entries, placing stop losses below the buildup for better risk management.
By focusing on trend alignment, buildup patterns, and avoiding the urge to chase, you’ll find yourself in stronger positions and with greater control over your risk in the market. These strategies can help you catch trend-following breakouts without falling prey to the frequent traps that catch traders off guard.
Pullback incoming!As the yellow metal is in a bearish momentum, a bullish pullback would be imminent! Alterntaively, stability above 2714 will spearhead the move up. Any of the resistance barriers will be of key significance to facilitate a pullback depending on where price action settles. However, a break and stability of 2714, will likely see selling continuation.
Gold (XAU/USD) Technical Analysis Update – 31 October 2024Gold has displayed impressive bullish momentum, recently reaching an all-time high of 2790.120 on October 30, 2024. This significant level was achieved just one day after breaking through previous highs at 2758.52 on October 29. With this aggressive upward trend, Gold continues to showcase strength in the face of global market uncertainty, signaling strong demand.
Analyzing the 1-hour timeframe, we observe that the price is trading within an ascending channel pattern. This setup indicates a steady upward trend, with the potential for price pullbacks that may create new higher lows along the way. This pattern suggests that Gold is likely to continue its upward movement after minor corrections, with the next key resistance level in sight at 2800.000.
Traders should monitor this level closely, as a break above 2800 could indicate further bullish extension. However, it's crucial to watch for any pullbacks that may test previous support levels within the channel, presenting potential buying opportunities.
Trade safely and stay wise! Always ensure your risk management strategies are in place. Gold’s high volatility can bring both significant gains and risks. Stay updated, stay prepared, and may your trades be profitable.
Gold Market Update: Hovering at Record High of $2780/ounceGold is hovering at a record high of $2780 per ounce and is projected to seek stronger demand, testing the $2750 level. Meanwhile, with the DXY market plunging to complete its bullish wedge, gold may continue its upward momentum as it builds a new support base around $2750. follow for more insights , comment , and boost idea thanks
I went short Gold at 2735.83. It just happended....!
I really was not on the front foot to Short gold or silver so early in the week, it just happened because a report came in on tradingview news that the middle east situation is contained more so than open war-fare and the Gold chart was begging to be shorted because there was no buying and the gold-ghost was taking a break resting under a moving average. Sorry buddy, your shorted!
Will see how it goes. Not sure what economic news is on today in the USA but I will soon find out.
Other Long trades I am on include GBPUSD, GBPCAD is looking to really break out in the Monday sessions and I am also Short on AUDUSD which I think is starting to become in-the-money. Have a good trading day and remember 'greed normally means losing money not making it'. Chris
Gold projection for a serious correction!Precious metals have been on a serious run, but it's time for a cool off heading into winter.
I called this massive run over 2 and a half years ago on silver (linked to the post).
But, I do believe that we're close to the correction phase and the major one will coincide with the stock market which will infect the precious metals.
Target is conservative as a retest of the CUP & HANDLE break out, but it's likely to go lower to catch the buyers off guard as we often see.
Let me know what you think and how you're approaching the precious metals.
XAUUSD near 2800$ resistance wait for pump below 2500$As we a lot price now is receiving resistance of trendline sell pressure + 2800$ to 2850$ resistance zone and we are looking for heavy dump here like the red arrows on chart also remember that any more war news and ... can pump price suddenly and then start of correction and fall is expected.
DISCLAIMER: ((trade based on your own decision))
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GOLD SHORT POSITION I found a short position on Gold. Im currently at breakeven. I had to chase Gold a little. Risk Management is Key here.
Data is approaching: Plan short-selling strategies in advanceMarket Analysis: With the upcoming release of the “U.S. Initial Jobless Claims for the week ending October 26” and the “U.S. Core PCE Price Index Year-on-Year for September,” we anticipate significant market volatility in gold. My personal forecast leans towards a bearish impact on gold prices, especially given the positive indicators from various economic data released in October. Thus, the likelihood of tonight’s data being bearish for gold is high. We can proactively establish a short position ahead of the data release.
Pre-Data Release Gold Trading Strategy:
Entry Range: Short gold between 2780-2782
Take-Profit Target: 2772
Stop-Loss: 2790
Risk Management and Operational Advice: Post-data release, if profits are realized, it’s advisable to take immediate profits, as the market may reverse following the data announcement. I will also provide subsequent trading strategies after the data is released, so please stay tuned for updates to adapt your trading approach.
XAUUSDPair : XAUUSD ( Gold / U.S Dollar )
Description :
Completed " 12345 " Impulsive Waves
Break of Structure
RSI - Divergence
Bullish Channel as an Corrective Pattern in Short Time Frame
Order Block
Resistance Level
XAUUSD hits 2762 Twice Keep on eye candle H1 on Monday wait until it stops. Because when it shifts to bullish side it will reach the 2762. Always wait it reaches 2762 before selling this bad boy. I hope I can make myself clear dear Friends.
XAUUSD: 31/10 Today's Market Analysis and StrategyGold technical analysis
Daily resistance 2800, support below 2739
Four-hour resistance 2800, support below 2772
Gold operation suggestions:
From the current market trend, we will rely on the 4-hour level support to arrange long orders. The support below is near the 2772 line. Focus on the previous daily level suppression to the current support 2740 line. We will look for opportunities to arrange long orders when we step back. In the middle position, we will watch more and do less, and follow orders cautiously, and wait patiently for key points to enter the market.
BUY:2772near SL:2769
BUY:2750near SL:2747
BUY:2740near SL:2737
The strategy only provides trading directions.
Since it is not a real-time trading guide, please use a small SL to test the signal.
WHAT ARE GOLD GOING TO DO? HERE IS THE COMPLETE ANALYSIS 2H TFTechnical Analysis: Currently, XAU/USD is approaching the resistance level at $2790, where I believe we could see a significant selling opportunity. This level has historically acted as a barrier, and recent price action suggests that bullish momentum may be waning. If the price reaches $2790, I anticipate a potential reversal, with targets set for a downward move towards $2765. A break below $2775 would further confirm bearish sentiment, opening the door for additional downside.
Fundamental Analysis: The gold market is heavily influenced by shifts in monetary policy and global economic conditions. With the Federal Reserve signaling a potential tightening of interest rates and ongoing concerns over inflation, investors may look to liquidate positions in gold as the opportunity cost of holding non-yielding assets rises. Additionally, geopolitical tensions and market volatility could prompt a flight to safety, but if these factors stabilize, we could see a shift in sentiment favoring dollar strength. This backdrop supports the notion of a sell-off in XAU/USD from $2790 to $2765 as traders adjust their positions in response to changing economic signals. Let’s watch for these developments!
Gold - Correction Dawnwards #trading_idea 🔔
👑#Gold- More Correction Downwards
💰 Gold is testing support at 2778. There is more divergency with Momentum indicator and the price slide under trendline and MA(20).
Suggestion:
🔽Sell.
🎯 TP at 2770
🔴 Click "❤️" if you agree with this idea and "👎" if you think it will fall.
➡️➡️ TRY SABIOTRADE NOW
Gold Futures Near the 2,800 USD MarkGold prices reached a peak of 2,788.89 USD/oz on October 30, fueled by U.S. election uncertainties and expectations of a Fed rate cut.
Gold is surging, approaching the strong resistance level at 2,800 – a “wall” that could halt the rally and trigger a pullback.
On the other hand, support levels at 2,747 and 2,717 are ready to act as “fortresses” if prices retreat to these levels.
A smart strategy is to wait for the price to hit resistance for a potential short, or to buy at support, capitalizing on a possible rebound.
Don’t forget to set a reasonable stop-loss – in this game, a single slip could shift the entire market landscape!
GOLD D1d th3 buy3rs w1n?Hello.The US 1s 3xp3r13ncing an acc3lerat3d d3t3r1orat1on of 1ts public account and this should soon b3 s33n on the US tok3n.
Gold Sentiment EstimationGold will continuously bullish, but it will be correction first before uptrend continuation.
GOLD 31/10/24 potential to sellTo approach a potential sell near the 2790 level in gold
Waiting for confirmation prevents premature entry. Be prepared to skip the trade if price action signals a breakout above 2790
XAU/USD Chart Analysis: Key Levels and InsightsTrading Market Analysis
In my recent analysis of the trading market, I have established some key levels:
Support Level: 2780
Resistance Level: 2780
Key Observations:
If the price touches the support level of 2780, it has the potential to rise up to 2787. This indicates a bullish sentiment if we can hold above this level.
Targets:
My primary target for today is set at 2786. This is a crucial point where traders might look to take profits.
Additionally, I have a secondary target at 2790, which could be reached if bullish momentum continues.
Conclusion
Monitoring these levels will be essential for making informed trading decisions. Stay alert for any movements around these points!
We continue to go long on gold todayGold continued to close strongly and stabilized at 2740. From the current market, gold bottomed out and rebounded, the bullish trend remains unchanged, and there is still room and demand for further rise. Today, gold focuses on the support below at 2731. If it falls back and relies on this support, it will continue to go long!
Gold fluctuates back and forth at high levels. Gold has not been persistent recently and has been fluctuating at high levels. The 1-hour chart fluctuates at high levels. It is not meaningful to chase more now. The resistance space of gold's previous historical highs is limited. If gold breaks through the resistance of the historical highs, then it will fall back and go long. If the resistance of the historical highs is under pressure, then gold does not rule out another high and fall back, and continue to fluctuate, waiting for Friday's NFP data to find an opportunity to break through.
Trading strategy:
Today, pay attention to 2735~2731 for support and go long. We continue to be bullish on gold today and be cautious about shorting.
XAU/USD Weekly Forecast: Key Market Reversal Zones1. Wyckoff Phases and Key Levels:
Phase A (PSY & ST): Preliminary Supply (PSY) marks the area where early sellers start pushing prices down. The Selling Test (ST) occurs as buyers and sellers test the supply. These phases lay the groundwork for a potential accumulation or distribution phase.
Phase B (B, AR, Creek, LPS, UT):
In Phase B, B and Automatic Rally (AR) represent the initial support and resistance levels. This is followed by a "Creek" or resistance line where price often consolidates below.
LPS (Last Point of Supply) and UT (Upthrust) within this phase mark the highs where the price struggled to maintain upward momentum, indicating potential supply zones.
The SOS (Sign of Strength) signals the market's strength, potentially leading to Phase C if buyers continue.
Phase C (Shakeout): This phase includes a sharp Shakeout where weaker hands are pushed out. This liquidity grab sets up the final push upward.
Phase D and E: In Phase D, we observe a final markup with Higher Highs (HH) and Higher Lows (HL) leading into the top where sellers might step in strongly for a distribution phase. This phase concludes in Phase E if a downtrend is established.
2. Elliott Wave Structure:
The primary wave count shows completion of Wave 5 at the top. Based on Elliott Wave Theory, this could mark the end of the upward impulse cycle, suggesting the start of an ABC correction pattern.
Wave A: The initial corrective leg downward is expected, which aligns with potential selling pressure in Phase D.
Wave B: After Wave A, a minor retracement upward could occur as a corrective pullback before continuing the downward correction.
Wave C: The final leg of the correction, Wave C, may complete the structure, allowing buyers to re-evaluate for potential long opportunities.
3. Supply and Demand Zones (Smart Money Concepts - SMC):
Supply Zone: Located near the highs of the chart, marking resistance and a significant level where institutional sellers may re-enter.
Demand Zone: This area is closer to the lows around the PSY and ST. If price moves down, these levels will act as support where buying interest could return.
Break of Structure (BOS): Key BOS levels signal structural shifts where the market confirms a new trend direction. Watching for BOS on lower timeframes can indicate smaller trend reversals within the larger correction.
4. Key Levels and Trading Plan for Next Week:
W Close Level: This week’s close level will be important for planning trades. If the price remains below this level, we could favor short setups.
Invalidation Points:
High Invalidation (1W): Located at the top of the wave structure; breaking this would invalidate the bearish setup.
Low of the Range (PWL): If the price closes below this low, it would strengthen bearish sentiment.
Potential Trade Setups:
Sell Setup: If price re-tests the high zones but shows resistance or bearish confirmation, short positions can be initiated with stops above the invalidation level.
Buy Setup: If price retraces to demand zones and shows a reversal, there could be potential long setups. A buy setup would look for evidence of absorption of supply before re-entry.
5. Macro Events and Sentiment Analysis:
Next week, key economic events (such as Fed announcements or US economic data releases) may influence the USD, which in turn affects XAU/USD. Hawkish Fed sentiment could strengthen the USD, pressuring XAU/USD lower, while dovish sentiment could support a rally in gold.
Daily Monitoring: Track price action near the Creek and Supply Zone for early signs of buyer weakness or seller strength, especially leading into economic events.
Summary:
Bearish Bias: As long as the price remains below the high invalidation point, the outlook leans bearish, expecting a corrective structure.
Key Levels: Watch for reactions at high and low invalidation points as well as around BOS zones for early trade entry signals.
Events Impact: U.S. economic releases and Fed communications are expected to create volatility, particularly in line with price action around key resistance/support areas.
