Gold Spot / U.S. DollarUpdated XAU/USD at Crossroads: Breakout or Pullback?
XAU/USD Multi-Timeframe Analysis
- 15-Minute Chart (Intraday Perspective):
- The 15-minute chart highlights a series of Breaks of Structure (BOS) and Change of Character (CHoCH), signaling dynamic shifts in short-term momentum.
- The latest CHoCH at the top suggests a potential exhaustion in the upward move, with sellers gaining temporary control.
- Key Levels:
- Support: $2,645
- Resistance: $2,656
- Conclusion: Expect consolidation or a slight pullback before any continuation of the trend. Watch for a confirmed BOS or CHoCH for clearer direction.
- 1-Hour Chart (Mid-Term Analysis):
- The 1-hour timeframe shows a downtrend structure transitioning into consolidation, as BOS patterns indicate bearish dominance, but CHoCH signals hint at potential reversals.
- The price is currently consolidating within a range of $2,630 to $2,656, with no clear breakout yet.
- Key Levels:
- Immediate resistance: $2,656
- Support: $2,630
- Conclusion: A breakout above $2,656 would confirm bullish strength toward $2,670, while a breakdown below $2,630 may lead to a retest of $2,615 or lower.
- 4-Hour Chart (Macro Perspective):
- On the higher timeframe, XAU/USD displays macro bearish momentum, with BOS to the downside being dominant. However, the recent CHoCH highlights a potential shift into a bullish correction.
- The price remains capped by the $2,656 resistance zone, with significant support around $2,630.
- Key Levels:
- Support: $2,615
- Resistance: $2,670
- Conclusion: The market is at a decision point. A sustained move above $2,670 could trigger bullish continuation toward $2,700, while a failure may lead to further bearish retracement.
- Overall Outlook
- Gold is trading within a consolidation phase, with structural shifts (BOS and CHoCH) indicating indecision between buyers and sellers.
- Trade Plan:
- For bullish scenarios, wait for a confirmed breakout above $2,656-$2,670 for a potential target of $2,700.
- For bearish scenarios, look for rejection at resistance zones and breakdowns below $2,630 for short opportunities toward $2,615 or lower.
- 15-Minute Chart (Intraday Perspective):
- The 15-minute chart highlights a series of Breaks of Structure (BOS) and Change of Character (CHoCH), signaling dynamic shifts in short-term momentum.
- The latest CHoCH at the top suggests a potential exhaustion in the upward move, with sellers gaining temporary control.
- Key Levels:
- Support: $2,645
- Resistance: $2,656
- Conclusion: Expect consolidation or a slight pullback before any continuation of the trend. Watch for a confirmed BOS or CHoCH for clearer direction.
- 1-Hour Chart (Mid-Term Analysis):
- The 1-hour timeframe shows a downtrend structure transitioning into consolidation, as BOS patterns indicate bearish dominance, but CHoCH signals hint at potential reversals.
- The price is currently consolidating within a range of $2,630 to $2,656, with no clear breakout yet.
- Key Levels:
- Immediate resistance: $2,656
- Support: $2,630
- Conclusion: A breakout above $2,656 would confirm bullish strength toward $2,670, while a breakdown below $2,630 may lead to a retest of $2,615 or lower.
- 4-Hour Chart (Macro Perspective):
- On the higher timeframe, XAU/USD displays macro bearish momentum, with BOS to the downside being dominant. However, the recent CHoCH highlights a potential shift into a bullish correction.
- The price remains capped by the $2,656 resistance zone, with significant support around $2,630.
- Key Levels:
- Support: $2,615
- Resistance: $2,670
- Conclusion: The market is at a decision point. A sustained move above $2,670 could trigger bullish continuation toward $2,700, while a failure may lead to further bearish retracement.
- Overall Outlook
- Gold is trading within a consolidation phase, with structural shifts (BOS and CHoCH) indicating indecision between buyers and sellers.
- Trade Plan:
- For bullish scenarios, wait for a confirmed breakout above $2,656-$2,670 for a potential target of $2,700.
- For bearish scenarios, look for rejection at resistance zones and breakdowns below $2,630 for short opportunities toward $2,615 or lower.
Trade closed: target reached
Hit the TP
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.