XAUUSD-Reborn
XAU/USD Technical Analysis Report
Date: 21-11-2024
Summary:
Our analysis suggests that XAU/USD has completed Wave A of a corrective downward move from $2790 to $2536.85, representing a drop of approximately 9.0%.
Technical Analysis:
Daily Time Frame
Wave Count:
- Wave A: Downward ($2790 - $2536.85)
- Wave B: Upward ($2536.85 - $2730)
- Wave C: Downward ($2730 - $2258)
Chart Pattern:
- Descending Triangle
- Flag Pattern
Indicators:
- RSI (14): 40 (Oversold)
- MACD (12, 26): Bearish crossover
- Moving Averages: 50-day MA resistance
Candlestick Patterns:
- Bearish Engulfing
- Dark Cloud Cover
Key Levels:
- Resistance: $2730, $2850
- Support: $2536.85, $2450
Conclusion:
Wave A's completion indicates a potential upward correction in Wave B. Our analysis suggests targeting $2700, followed by a downward move in Wave C to $2258.
Recommendations:
- Short-term traders: Consider buying at $2536.85, targeting $2700
- Long-term investors: Monitor the $2258 level for potential buying opportunities
Risk Management:
- Stop-loss: $2450
- Take-profit: $2700
Disclaimer:
This report is for informational purposes only and should not be considered investment advice.
Date: 21-11-2024
Summary:
Our analysis suggests that XAU/USD has completed Wave A of a corrective downward move from $2790 to $2536.85, representing a drop of approximately 9.0%.
Technical Analysis:
Daily Time Frame
Wave Count:
- Wave A: Downward ($2790 - $2536.85)
- Wave B: Upward ($2536.85 - $2730)
- Wave C: Downward ($2730 - $2258)
Chart Pattern:
- Descending Triangle
- Flag Pattern
Indicators:
- RSI (14): 40 (Oversold)
- MACD (12, 26): Bearish crossover
- Moving Averages: 50-day MA resistance
Candlestick Patterns:
- Bearish Engulfing
- Dark Cloud Cover
Key Levels:
- Resistance: $2730, $2850
- Support: $2536.85, $2450
Conclusion:
Wave A's completion indicates a potential upward correction in Wave B. Our analysis suggests targeting $2700, followed by a downward move in Wave C to $2258.
Recommendations:
- Short-term traders: Consider buying at $2536.85, targeting $2700
- Long-term investors: Monitor the $2258 level for potential buying opportunities
Risk Management:
- Stop-loss: $2450
- Take-profit: $2700
Disclaimer:
This report is for informational purposes only and should not be considered investment advice.
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