Weekly Summary of Gold Market Analysis

Summary of Gold Market Analysis

Monthly Chart Analysis
• Volume: Ultra-high, with a bullish candle closing at the high.
• Key Levels:
o Support: Break below recent low could signal sell-off.
o Resistance: Breakout above recent high signals continued bullishness.

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Weekly Timeframe
Trend: Bullish
• Key Levels: 2450-2460 (Range)
• Market Structure: Bullish breakout
• Forecast: Gold is expected to continue trading within the 2450-2460 zone.
• Range: Prices have been ranging for three weeks, with visible selling pressure.
• Key Levels:
o Support: Break below 2470 current low confirms selling.
o Resistance: Breakout above the monthly high2530 resumes bullish trend.
• Recent Movements: Gold has been trading in the same range for three weeks.

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Daily Timeframe
• Trend: Bullish with potential sideways movement
• Key Levels: 2475, 2530, 2550-2560 (Resistance)
• Market Structure: Bullish with strong resistance at 2550-2560
• Forecast: Ranging movement with potential spikes, followed by price drops.
• Key Levels:
o Support: 2470 (previous resistance turned support)
o Resistance: 2500, 2505, 2516
• Volume Analysis: Suggests possible bullish pullback if strong volume candles appear.

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Four-Hour Timeframe
• Support and Resistance Zones: Established
• Key Levels: Resistance at 2550-2560, support at lower zones
• Trading Opportunity: Buy above resistance, sell below support
• Forecast: Bullish target of 2550-2560, but bearish scenario if key levels are breached.

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Short-Term (H4/H1) Analysis
• Rejection Candles: Formed on high volume, indicating potential buying.
• Key Levels:
o Support: 2497, 2500, 2505
o Resistance: 2510, 2514, 2516
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Trading Plan
• Sell Zone Confirmation: sell were confirmed twice from the upper trigger line (H4).
• Structure and Trend:
o Bullish: Stay bullish as long as the structure is bullish.
o Bearish: Switch to bearish if structure changes.
• 2470 Level: Critical support; bullish stance remains unless price closes below it.
• Long-Term Buy: Expected if a breakout occurs, with potential for thousands of pips.
• Bullish Target: 2550-2560
• Bearish Scenario: Reversal possible if resistance holds, leading to downward spikes.

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Important Price Levels and Their Importance:
• 2450-2460: Critical range on the weekly chart; represents current bullish zone. Strong resistance zone; target for bullish moves, with bearish potential if price reverses.
• 2470: Key support level; critical to maintaining a bullish stance.
• 2497, 2500, 2505: Support levels on short-term charts; key for maintaining upward momentum.
• 2510, 2514, 2516: Resistance levels on short-term charts; indication for possible price rejection.

These price levels are crucial for traders to watch for potential entry and exit points in both bullish and bearish scenarios.