visit fourtrades website for more info Current Market Overview Gold has recently experienced a notable upward trend, breaking through key resistance levels and forming higher highs and higher lows. As observed on the daily chart, gold has broken out of a consolidation phase, signaling potential further upside momentum.
Technical Analysis Daily Chart:
Breakout and Retest: The daily chart shows gold breaking out of a significant consolidation zone. The price action indicates a strong bullish momentum, with a possible retest of the breakout zone around $2,450 before continuing higher. Key Levels: Immediate support is identified at the previous resistance level around $2,450. A break below this level could lead to further downside towards $2,420. The next resistance is around $2,500 and $2,520. 4-Hour Chart:
Ascending Channel: Gold is trading within an ascending channel, and it is currently approaching the lower boundary of the channel, which could act as a support level. Potential Pullback Zone: The 4-hour chart suggests a potential pullback to the $2,440-$2,450 zone, which aligns with the lower boundary of the ascending channel. This zone is a crucial buying opportunity if the price action shows bullish signals. 1-Hour Chart:
Immediate Support and Resistance: The 1-hour chart highlights immediate support at $2,460. If this level holds, we could see a bounce back towards $2,480 and potentially $2,500. Bullish Momentum: The price action indicates bullish momentum with higher highs and higher lows. Monitoring the reaction at the $2,460 support level will be crucial for short-term trading decisions.
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Signal 1: Buy Position
Entry Point: $2,460 Stop Loss: $2,440 Take Profit: $2,500 Status: Active Trade Type: Buy Rationale: The price is currently in an ascending channel with strong bullish momentum. Entering at the support level of $2,460 provides a good risk-reward ratio, targeting the next resistance at $2,500. Signal 2: Buy Position
Entry Point: $2,450 Stop Loss: $2,430 Take Profit: $2,480 Status: Pending Trade Type: Buy Rationale: A potential pullback to $2,450, which is the lower boundary of the ascending channel on the 4-hour chart, offers an excellent buying opportunity with a tight stop loss.