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.

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