Gold:Short term analysis for 18/11/2024
Disclaimer:
This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 4-hour
Market Analysis:
Following on previous analysis, the XAUUSD pair has bounced off the key support level at 2,550.00-2,543. However, the 4-hour chart indicates persistent bearish momentum, with price action confined within a descending trend channel. The price has almost reached value area high. This may act as resistance.
Key Observations:
Key Levels:
Trading Bias:
Bearish, lack of bullish divergence and no impulsive momentum, If the price slips below the point of control, the bullish narrative would be compromised, potentially triggering a reversal, anticipate a potential breakdown below the support level, targeting first weekly point of control at 2,502.00 then lower OBV at 2,485.00 - 2,505.00.
https://www.tradingview.com/x/HvUzvVAF/
This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 4-hour
Market Analysis:
Following on previous analysis, the XAUUSD pair has bounced off the key support level at 2,550.00-2,543. However, the 4-hour chart indicates persistent bearish momentum, with price action confined within a descending trend channel. The price has almost reached value area high. This may act as resistance.
Key Observations:
- No bullish divergence detected on the 4-hour chart.
- Bearish divergence evident on the 30-minute chart.
Key Levels:
- Resistance : 2,606.00
- support : 2,536.00
- support(Poc): 2568.00
- lower target: 2485.00 - 2505.00
Trading Bias:
Bearish, lack of bullish divergence and no impulsive momentum, If the price slips below the point of control, the bullish narrative would be compromised, potentially triggering a reversal, anticipate a potential breakdown below the support level, targeting first weekly point of control at 2,502.00 then lower OBV at 2,485.00 - 2,505.00.
https://www.tradingview.com/x/HvUzvVAF/
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.