What's Next for the Yellow Metal?
Today, we're zooming out to examine the broader picture for Gold (XAUUSD) on the Daily (D1) timeframe. Our latest analysis indicates that Gold has encountered a very strong, critical support level around the 325x region. This is a pivotal point that could significantly influence Gold's medium to long-term direction!
🌍 Macroeconomic Landscape: The Underlying Forces Influencing Gold
While we've observed a degree of USD weakness stemming from speculations around the Federal Reserve (such as the rumours regarding Jerome Powell's replacement) and expectations of interest rate cuts, these factors haven't fully countered Gold's recent decline on the daily chart. Furthermore, the sustained ceasefire between Israel and Iran continues to temper Gold's appeal as a safe-haven asset.
Nevertheless, the current price action at the robust 325x support level presents a significant technical signal. The impact of forthcoming US macroeconomic data (particularly the PCE Price Index on Friday) and speeches from FOMC members will be crucial in confirming or negating our projected movements for Gold. Should positive news for Gold align with this support holding, it could act as a potent catalyst.
📊 XAUUSD D1 Technical Analysis: Projecting Gold's Next Move
Given that Gold has reached strong support at 325x, we can anticipate the following scenarios:
Bounce from 325x (Potential Upside Phase):
If the 325x area (which reinforces the 3264.400 support from image_e9d325.png) holds firm, we expect a strong reaction and an upward move for Gold.
The initial target for this bounce would be the 332x region, aligning with resistance levels 3313.737 - 3330.483 from our previous analysis. On a broader timeframe (as illustrated in image_83845c.png), this corresponds to the resistance zone around 3326.022. This 332x area might represent a continuation pattern, suggesting it could be a corrective rally before the resumption of the larger trend.
Resumption of Downtrend (After Reaching 332x):
Once Gold reaches and tests the 332x zone (3313.737 - 3330.483 / 3326.022) and exhibits bearish confirmation signals (e.g., a strong bearish engulfing candle, a pin bar, or a clear top formation), we anticipate a resumption of the downward movement.
The next major target for this decline would be the 317x area, which correlates well with the strong support at 3173.052 on the larger timeframe (as depicted in image_83845c.png).
🎯 XAUUSD D1 Trading Plan: Your Long-Term Strategy Ahead!
Considering the current D1 analysis, here's our actionable plan:
1. BUY PHASE (Bounce from Support):
Entry: Observe price reaction in the 325x - 326x zone (specifically 3264.400). Only consider buying if there are clear bullish confirmations (e.g., a confirmed bullish pattern on the daily or 4-hour candle, a strong bounce from the zone with significant volume).
SL (Stop Loss): Position just below the 325x support zone (e.g., 3245-3240, depending on confirmation).
TP (Take Profit): 3280 - 3284 - 3290 - 3295 - 3300 - 3305 - 3310 - 3313.737 - 3320 - 3326.022 (key 332x zone). This will be our primary target for the potential bounce.
2. SELL PHASE (Downtrend Resumption):
Entry: Once the price reaches and tests the 332x zone (3313.737 - 3330.483 / 3326.022) and shows bearish confirmation signals (e.g., a strong bearish engulfing, pin bar, or clear top formation).
SL (Stop Loss): Position slightly above the 332x zone (e.g., 3335-3340).
TP (Take Profit): 3326 - 3320 - 3316 - 3310 - 3305 - 3300 - 3295 - 3290 - 3280 - 3200 - 3173.052 (final 317x target).
Today, we're zooming out to examine the broader picture for Gold (XAUUSD) on the Daily (D1) timeframe. Our latest analysis indicates that Gold has encountered a very strong, critical support level around the 325x region. This is a pivotal point that could significantly influence Gold's medium to long-term direction!
🌍 Macroeconomic Landscape: The Underlying Forces Influencing Gold
While we've observed a degree of USD weakness stemming from speculations around the Federal Reserve (such as the rumours regarding Jerome Powell's replacement) and expectations of interest rate cuts, these factors haven't fully countered Gold's recent decline on the daily chart. Furthermore, the sustained ceasefire between Israel and Iran continues to temper Gold's appeal as a safe-haven asset.
Nevertheless, the current price action at the robust 325x support level presents a significant technical signal. The impact of forthcoming US macroeconomic data (particularly the PCE Price Index on Friday) and speeches from FOMC members will be crucial in confirming or negating our projected movements for Gold. Should positive news for Gold align with this support holding, it could act as a potent catalyst.
📊 XAUUSD D1 Technical Analysis: Projecting Gold's Next Move
Given that Gold has reached strong support at 325x, we can anticipate the following scenarios:
Bounce from 325x (Potential Upside Phase):
If the 325x area (which reinforces the 3264.400 support from image_e9d325.png) holds firm, we expect a strong reaction and an upward move for Gold.
The initial target for this bounce would be the 332x region, aligning with resistance levels 3313.737 - 3330.483 from our previous analysis. On a broader timeframe (as illustrated in image_83845c.png), this corresponds to the resistance zone around 3326.022. This 332x area might represent a continuation pattern, suggesting it could be a corrective rally before the resumption of the larger trend.
Resumption of Downtrend (After Reaching 332x):
Once Gold reaches and tests the 332x zone (3313.737 - 3330.483 / 3326.022) and exhibits bearish confirmation signals (e.g., a strong bearish engulfing candle, a pin bar, or a clear top formation), we anticipate a resumption of the downward movement.
The next major target for this decline would be the 317x area, which correlates well with the strong support at 3173.052 on the larger timeframe (as depicted in image_83845c.png).
🎯 XAUUSD D1 Trading Plan: Your Long-Term Strategy Ahead!
Considering the current D1 analysis, here's our actionable plan:
1. BUY PHASE (Bounce from Support):
Entry: Observe price reaction in the 325x - 326x zone (specifically 3264.400). Only consider buying if there are clear bullish confirmations (e.g., a confirmed bullish pattern on the daily or 4-hour candle, a strong bounce from the zone with significant volume).
SL (Stop Loss): Position just below the 325x support zone (e.g., 3245-3240, depending on confirmation).
TP (Take Profit): 3280 - 3284 - 3290 - 3295 - 3300 - 3305 - 3310 - 3313.737 - 3320 - 3326.022 (key 332x zone). This will be our primary target for the potential bounce.
2. SELL PHASE (Downtrend Resumption):
Entry: Once the price reaches and tests the 332x zone (3313.737 - 3330.483 / 3326.022) and shows bearish confirmation signals (e.g., a strong bearish engulfing, pin bar, or clear top formation).
SL (Stop Loss): Position slightly above the 332x zone (e.g., 3335-3340).
TP (Take Profit): 3326 - 3320 - 3316 - 3310 - 3305 - 3300 - 3295 - 3290 - 3280 - 3200 - 3173.052 (final 317x target).
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
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.
⚜️ Trade with Money Market Flow, logic, Price action 📉📈
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
⚜️Risk Reward 1.3 to 2.5...
⚜️Daily 8 to 15 Signals VIP
Get quality daily trading signals and plans here
JOIN NOW
byvn.net/t06K
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.