Key Points: Strong Support/Resistance: .63000 1 Hour Breakthrough & Retest Point: .61800 Next Target: .60000 AU is overall bearish in a trading range of .63000-.60000 We can potentially see a retest to .61800 before seeing more bearish momentum. I will keep you updated on new information given throughout the week.
XAUUSD is trending within an ascending channel and is currently respecting its structure. Price action is approaching the upper boundary of the channel, which aligns with the marked resistance zone near 2705.302. This area may act as a supply zone, triggering retracements or reversals. A short-term pullback toward the mid-channel or the highlighted demand zone near 2684.00 could occur before a continuation toward the 2705.302 target. Traders should look for bullish continuation patterns, such as a breakout above resistance or higher lows on the pullback, to confirm further upside potential. Conversely, a break below the demand zone might indicate bearish momentum.
Price showing signs of strong momentum. We look for the pullback to take the trade.
Gold is trading around 2,682 with a bullish bias after having found a strong support around the 21 SMA located at 2,660 Gold could face a strong resistance around 5/8 Murray located at 2,695 which could be seen as an opportunity to sell with targets at 2,660. With a consolidation above 2,695 (5/8), the instrument could continue the bullish momentum and we expect gold to reach 2,734 where the 6/8 Murray is located which could represent a strong overbought area. In the next few days, we could sell gold below 2,695 with the first targets at 2,660. The price could even fall to the 200 EMA located at 2,645. On the H1 chart, gold is reaching overbought levels. so, we will look for opportunities to sell in the next few hours, with targets at 2,675 and 2,665.
Price showing signs of strong momentum. We look for the pullback to take the trade.
Price showing signs of strong momentum. We look for the pullback to take the trade.
Price showing signs of strong momentum. We look for the pullback to take the trade.
The GBPCAD pair is currently approaching a significant demand zone that has historically acted as a strong support level, leading to bullish reversals. The recent downward momentum brings the pair into this area, where buyers might regain control. A bullish confirmation, such as a strong rejection pattern, bullish engulfing candles, or long lower wicks, would indicate a potential upward move. If buyers step in, the price may head toward the 1.77424 level. This setup suggests a possible short-term rebound in line with the broader market structure.
First trade of the month closed Friday just before swaps for about +8%
Price showing signs of strong momentum. We look for the pullback to take the trade.