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GOLD LONG
GOLD: Trading at Key Support Levels with a Bullish Bias
Market Overview:
GOLD is currently consolidating at the lower end of a channel, approaching a critical support zone. This region presents a strong opportunity for accumulation as we prepare for a potential upward move to 3200 in the coming months.
Key Observations:
1. Bullish Market Structure:
• The overall structure remains bullish, with price moving within a defined ascending channel.
• GOLD is nearing a bullish order block and 0.5-0.618 Fibonacci retracement levels, a high-probability area for buyers to step in.
2. Cluster of Support:
• The 20 and 50 Day EMA cluster lies around the 2640-2650 range, adding confluence for potential support.
• There may still be room for slight downside, but this zone offers a strong risk-to-reward ratio for accumulation.
3. Volume Profile Alignment:
• The Point of Control (POC) on the 4H Volume Profile aligns with this key area, indicating significant trading activity and interest from market participants.
4. Channel Resistance and Rejection:
• Price has recently rejected resistance at the top of the channel and is now retracing to gather liquidity for the next leg up.
Trading Plan:
• Position Traders:
• Start accumulating GOLD in the 2640-2650 range, as this zone aligns with strong technical confluence.
• Short-Term Traders:
• Wait for confirmation of a Higher Low (HL) formation before entering, ensuring momentum is shifting back to the upside.
• Target Levels:
• Short-Term Target: Back to the top of the channel near 2730-2750.
• Long-Term Target: A breakout continuation to 3200 in the coming months.
Concluding Note:
This area represents a critical accumulation zone for both position and swing traders, aligning technical factors such as channel support, order blocks, Fibonacci retracements, and volume profiles. Stay tuned for precise entry signals and updates as this setup develops.
If you find this idea helpful, please drop a follow and let us know your thoughts or feedback. Let’s keep building success together—happy trading!
Market Overview:
GOLD is currently consolidating at the lower end of a channel, approaching a critical support zone. This region presents a strong opportunity for accumulation as we prepare for a potential upward move to 3200 in the coming months.
Key Observations:
1. Bullish Market Structure:
• The overall structure remains bullish, with price moving within a defined ascending channel.
• GOLD is nearing a bullish order block and 0.5-0.618 Fibonacci retracement levels, a high-probability area for buyers to step in.
2. Cluster of Support:
• The 20 and 50 Day EMA cluster lies around the 2640-2650 range, adding confluence for potential support.
• There may still be room for slight downside, but this zone offers a strong risk-to-reward ratio for accumulation.
3. Volume Profile Alignment:
• The Point of Control (POC) on the 4H Volume Profile aligns with this key area, indicating significant trading activity and interest from market participants.
4. Channel Resistance and Rejection:
• Price has recently rejected resistance at the top of the channel and is now retracing to gather liquidity for the next leg up.
Trading Plan:
• Position Traders:
• Start accumulating GOLD in the 2640-2650 range, as this zone aligns with strong technical confluence.
• Short-Term Traders:
• Wait for confirmation of a Higher Low (HL) formation before entering, ensuring momentum is shifting back to the upside.
• Target Levels:
• Short-Term Target: Back to the top of the channel near 2730-2750.
• Long-Term Target: A breakout continuation to 3200 in the coming months.
Concluding Note:
This area represents a critical accumulation zone for both position and swing traders, aligning technical factors such as channel support, order blocks, Fibonacci retracements, and volume profiles. Stay tuned for precise entry signals and updates as this setup develops.
If you find this idea helpful, please drop a follow and let us know your thoughts or feedback. Let’s keep building success together—happy trading!
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน