We will be looking to go long on xauusd since weve broken above our resistance turning it into support
Gold (XAU/USD) is showing a potential Elliott Wave structure on the 2H timeframe, with a completed 5-wave impulsive move followed by an ABC correction. ? Key Resistance: 2947 ? Key Support: 2923 ? Possible Scenarios: 1️⃣ A rejection from resistance (2947) could confirm a wave C down to the 2907 - 2893 zone. 2️⃣ A clean break below 2923 could trigger further downside momentum. 3️⃣ If bulls reclaim 2947, we could see another upside attempt. ⚠️ Bearish Bias: Watching for confirmation before entering shorts! ? ? Like & Follow for more updates! ?
The US dollar (USD) – per the US Dollar Index – is on track to end February on the ropes following January’s monthly indecision candle at the resistance of 109.33. I believe USD bears have space to drive towards a ‘local’ descending support around 105.40ish, extended from the high of 107.35. Similarly, the daily timeframe demonstrates scope for sellers to strengthen their grip. Last week witnessed the Index reject resistance at 107.05, drawing focus towards an ‘alternate’ AB=CD from 105.77 (the 1.272% Fibonacci projection ratio). For those unfamiliar with Harmonic trading, an alternate AB=CD is simply an extended equal AB=CD formation using either 1.272% or 1.618% Fibonacci projection ratios. Interestingly, not only does the alternate AB=CD pattern share chart space with daily support at 105.62, but these daily levels are located just north of the monthly timeframe’s descending support line underlined above. Consequently, although there is room for bears to take control in the short to medium term, the combination of the monthly and daily support levels could entice profit-taking and encourage fresh long positions into the market, should we reach said area. Given monthly and daily charts echoing a bearish vibe, I will primarily focus on short-term resistance levels this week. One standout area of H1 resistance is between 107.24 and 107.14, made up of two trendline resistance lines (drawn from 109.88 and 106.57), a horizontal resistance level and two Fibonacci retracement ratios (78.6% and 38.2%). What is also interesting from a technical perspective is that the above-noted H1 resistance zone converges closely with daily resistance mentioned above at 107.05, therefore should the H1 resistance area be tested, the fact daily resistance is also present could add weight to a bearish showing. Should we fail to reach as high as the H1 zone, my next base case scenario is to watch local H1 supports to cede ground to trigger possible selling opportunities: the 106.43 low, for example.
I just now opened a scalp long position on algorand. I anticipate the the market will continue to push towards $0.2710 resistance area. Just looking to capture a small piece of the move real quick. ONly downside about this trade is that I am entering now without confirmation as I would have gotten confirmation from an earlier entry. Am just taking the trade from what I think is a good key level that will hold...thats it
Dear Friends, How I see it: # Very strong 3 Day rejections at ATH = 22235.00 ## Strong RED daily close on Friday ### Impressive 1D trend since 7th August 2024, still holding! Potentially price can continue down looking for support - 1) 50% Fib retracement @ 21415.00 2) 1D Trend support @ 21200.00 3) Psychologic support @ 21000.00 4) Strong demand @ 20600.00 - 20470.00 Potential long - (I don't want to guess what it will do first) 1) Imbalance to fill up to 21870.00 Keynote: If this 1D trend is breached and the break is confirmed - Price can easily fall back down into the 17000 's region. Thank you for taking the time to study my analysis.
? XAU/USD Bearish Setup – Double Top Rejection! ? ? Gold Spot (XAU/USD) – 2H Chart Analysis ? Current Price: $2,936 ? Target 1: $2,920 ? Target 2: $2,907 ? Stop Loss: Above $2,950 ? Key Insights: ❌ Double Top Formation: Price has rejected a key resistance zone twice, indicating a strong bearish signal. A potential lower high has formed, reinforcing downside pressure. ? Bearish Momentum & Liquidity Zones: Price is targeting key liquidity pools below recent swing lows. The break of structure (BoS) confirms sellers are in control. ? Risk Management: A breakout above $2,950 could invalidate the bearish setup, signaling a possible bullish continuation. If the pattern holds, Gold could drop to $2,920 - $2,907 in the coming sessions. ? Are you shorting XAU/USD? Let me know in the comments! ?? #Gold #XAUUSD #Trading #Forex #TechnicalAnalysis #BearishSetup #DoubleTop ??
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