GOLD DIGGING
This chart highlights the current market structure for XAU/USD. Key zones of interest have been marked:
Supply Zone (Red Area): Between $2,647 and $2,651, indicating potential resistance where sellers may enter.
Demand Zone (Lower Purple Area): Around $2,618 to $2,622, signaling potential support where buyers may step in.
The price is currently trading at $2,631 and is approaching the marked supply zone. Traders may watch for potential bearish reactions at this level or a possible breakout for continuation.
Key Observations:
Trend Overview: The market recently recovered from a sharp drop, pushing towards the supply zone.
Potential Scenarios:
A bearish reversal from the supply zone, targeting lower support areas.
A breakout above $2,651 could indicate bullish momentum.
Analysis:
For short-term traders, consider price action signals such as rejection wicks or engulfing candles near the supply zone. Risk management is key in volatile environments.
Actionable Ideas:
Sell Setup: Look for bearish confirmation near $2,647–$2,651 with stops above $2,653.
Buy Setup: Watch for a retracement to the demand zone with confirmation of bullish intent.
Let us know your thoughts or share your analysis in the comments below!
Supply Zone (Red Area): Between $2,647 and $2,651, indicating potential resistance where sellers may enter.
Demand Zone (Lower Purple Area): Around $2,618 to $2,622, signaling potential support where buyers may step in.
The price is currently trading at $2,631 and is approaching the marked supply zone. Traders may watch for potential bearish reactions at this level or a possible breakout for continuation.
Key Observations:
Trend Overview: The market recently recovered from a sharp drop, pushing towards the supply zone.
Potential Scenarios:
A bearish reversal from the supply zone, targeting lower support areas.
A breakout above $2,651 could indicate bullish momentum.
Analysis:
For short-term traders, consider price action signals such as rejection wicks or engulfing candles near the supply zone. Risk management is key in volatile environments.
Actionable Ideas:
Sell Setup: Look for bearish confirmation near $2,647–$2,651 with stops above $2,653.
Buy Setup: Watch for a retracement to the demand zone with confirmation of bullish intent.
Let us know your thoughts or share your analysis in the comments below!
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