GOLD LONG
GOLD: Accumulating at Key Support for the Next Bullish Move
Market Overview:
GOLD is currently trading near the lower end of the ascending channel, presenting an opportunity for accumulation at these lower levels in preparation for a potential upward move to 3200 in the coming months. The market structure remains clearly bullish, with price approaching a bullish order block, signaling a liquidity grab near the 0.5-0.618 Fibonacci retracement levels.
Key Observations:
1. Bullish Structure and Support Zones:
• Price is finding support around the 20 and 50 Day EMA cluster near the 2640-2650 range, suggesting that there may be a bit more downside before a reversal.
• This zone aligns with a good risk-to-reward ratio for long-term position traders.
2. Confluence of Signals:
• The 4-hour Volume Profile indicates that this area coincides with the Point of Control (POC), further strengthening its validity as a key entry zone.
• The price action suggests potential Higher Low (HL) formation, which short-term traders should wait for as confirmation before entering.
Trading Plan:
• Position Traders: Start accumulating positions in the 2640-2650 range, taking advantage of the strong confluence of technical factors.
• Short-Term Traders: Wait for clear confirmation of a Higher Low (HL) formation before entering for a more precise setup.
• Target: The next major move is projected towards 3200, maintaining the bullish momentum in the months ahead.
If you found this analysis helpful, please drop a follow and let us know what more you’d like to see. Stay tuned for updates and precise entry points! Happy trading!
Market Overview:
GOLD is currently trading near the lower end of the ascending channel, presenting an opportunity for accumulation at these lower levels in preparation for a potential upward move to 3200 in the coming months. The market structure remains clearly bullish, with price approaching a bullish order block, signaling a liquidity grab near the 0.5-0.618 Fibonacci retracement levels.
Key Observations:
1. Bullish Structure and Support Zones:
• Price is finding support around the 20 and 50 Day EMA cluster near the 2640-2650 range, suggesting that there may be a bit more downside before a reversal.
• This zone aligns with a good risk-to-reward ratio for long-term position traders.
2. Confluence of Signals:
• The 4-hour Volume Profile indicates that this area coincides with the Point of Control (POC), further strengthening its validity as a key entry zone.
• The price action suggests potential Higher Low (HL) formation, which short-term traders should wait for as confirmation before entering.
Trading Plan:
• Position Traders: Start accumulating positions in the 2640-2650 range, taking advantage of the strong confluence of technical factors.
• Short-Term Traders: Wait for clear confirmation of a Higher Low (HL) formation before entering for a more precise setup.
• Target: The next major move is projected towards 3200, maintaining the bullish momentum in the months ahead.
If you found this analysis helpful, please drop a follow and let us know what more you’d like to see. Stay tuned for updates and precise entry points! Happy trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.