The XAUUSD market is currently showing signs of a bullish trend, with potential for new all-time highs in the short term. Traders are advised to consider sell positions below 2470 and buy positions after a pullback above 2460, while setting profit targets and stop losses accordingly.
On the daily timeframe, price consolidation is observed below the July resistance and current all-time high, forming a bullish cup and handle structure. This indicates a continuation of buying pressure in the short term, with profit targets at 2500, 2600, and 2609.
On the H1 timeframe, supply zones are identified at 2473, while demand zones are located at 2455.18, 2428.49, and 2423.80. The price is currently showing signs of recovery after breaking local resistances at 2460 and 2470, suggesting a continuation of the macro bullish trend with a target at 2500 intraday.
Traders can consider implementing the following strategies based on the analysis:
– Selling positions below 2470 with profit targets at 2463, 2460, 2456, and stop loss above 2473.
– Buying positions after a pullback above 2460 with profit targets at 2470, 2480, 2490, and stop loss below 2450.
– Applying a trailing stop to manage risk and lock in profits as the price moves in the desired direction.
The Point of Control (POC) is a key level or zone where the highest volume concentration occurred. Traders should pay attention to this level as it can act as a resistance or support zone depending on the price action that follows. By identifying the POC, traders can make informed decisions on entering or exiting trades.
The XAUUSD market is currently favoring a bullish scenario, with potential for further price appreciation in the short term. Traders should carefully analyze the price movement, set clear profit targets and stop losses, and consider implementing appropriate risk management strategies to maximize profitability and minimize losses.