xauusd projection

15 Ara 2024

1. Fibonacci Levels
• Key levels marked:
• 78.6% retracement (around $2,740): Price hit this level but failed to break through, indicating a potential reversal point.
• 61.8% retracement (around $2,693.57): A significant resistance zone within the highlighted yellow area of which th bears did not repsect at all.

2. Resistance and Support Zones
• Double Bottom (Highlighted in Yellow):
> Indicates a strong support zone that was previously tested twice.
• Price Closed Below Resistance:
• Resistance was marked around the 61.8% Fibonacci level, where the price failed to sustain bullish momentum.

3. Trendline and Breakout Analysis
• A blue upward trendline is drawn to show the bullish trend. Price action is currently testing a break below this trendline.
• If the price closes below the trendline and $2,643, it may confirm a bearish continuation.

4. Trade Setup (Bearish)
• Confirmation Entry: Suggested at $2,643 after the next 4-hour candle closes below this level.
• Stop Loss (SL): Placed at $2,653 to manage risk in case of a reversal.
• Take Profit (TP1): Target at $2,596, which aligns with the 23.6% Fibonacci retracement, a historical support area.

5. Market Sentiment
• The price is currently consolidating and testing a key area. The recent rejection at 78.6% suggests a bearish bias, but confirmation is awaited for a stronger move.

19 Ara 2024

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TP hit