vankiepsauff@gmail
idk about you guys, but i won't be trading this week unless i see the gray clouds disappear about the US elections. Guessing game is always a dangerous game. Unless you are experienced about trading US elections in the past. Remember people, markets are always open and every week there are new opportunities. Don't feel the urge to trade, don't force yourself to trade if you are not sure what you are doing. Wishing you all a beautiful week!
- #50,368
- Nov 4, 2024 1:33am Nov 4, 2024 1:33am
- Joined Jun 2013 | Status: enjoying life | 23,842 Posts
- #50,373
- Nov 4, 2024 1:57am Nov 4, 2024 1:57am
- Joined Jun 2013 | Status: enjoying life | 23,842 Posts
- #50,376
- Nov 4, 2024 2:03am Nov 4, 2024 2:03am
- Joined Jun 2013 | Status: enjoying life | 23,842 Posts
Timeframe: H1
Current Price Level: 2734.69
Key Levels:
Support Zone: 2730 - 2735 (Highlighted in orange line)
Resistance Levels: 2750, 2760, and 2775
Analysis:
1. Support Retest: XAUUSD has approached a crucial support zone around the 2730-2735 range, as marked by the orange line on the chart. This area has previously acted as a strong demand zone, where buyers have stepped in, resulting in significant upward movements.
2. Price Action & Structure: We see a series of higher highs and higher lows leading up to the recent peak around 2780, followed by a corrective phase. The current downtrend may be seen as a retracement rather than a reversal, indicating potential for a bounce if buyers regain control around the support zone.
3. Bullish Divergence Potential: On lower timeframes (e.g., M15), watch for any signs of bullish divergence with indicators like the RSI. Divergence here would strengthen the case for a reversal from the support zone.
4. Entry Idea: If an engulfing bullish candlestick forms around this support, it could signal strong buying pressure. An entry around the 2735 level with confirmation from price action or a bullish engulfing pattern may provide a low-risk buying opportunity.
5. Targets & Risk Management:
Initial Target (TP1): 2750 - Immediate resistance and a potential area for partial profit-taking.
Secondary Target (TP2): 2760 - Next resistance level.
Stop Loss (SL): Below 2730, to protect against a deeper breakdown.
Market Sentiment and Institutional Insight: Considering recent institutional positioning, there's evidence of accumulated long positions near the 2730-2735 levels, suggesting potential institutional interest in holding this support. This aligns with broader bullish sentiment in the XAUUSD market amidst geopolitical tensions and investor demand for safe-haven assets.
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Disclaimer: This is a technical analysis, not financial advice. Always conduct thorough research or consult with a financial advisor before trading.
- #50,378
- Nov 4, 2024 2:05am Nov 4, 2024 2:05am
- Joined Jun 2013 | Status: enjoying life | 23,842 Posts
- #50,379
- Nov 4, 2024 2:18am Nov 4, 2024 2:18am
- Joined May 2021 | Status: Trader | 7,225 Posts
People don't plan to lose. They lose because they don't plan.
