S/R Explanation
As We can see the Support and resistance levels in the XAUUSD Price chart.
Meaningful explanation of Resistance Areas.
1. Blue line at 2075.22 , This a highest point in Gold. Market never achieve this level in the past
this is the most important resistance level. We cannot ignore this point as well.
2. (Two Red lines) 1973-1979 at that point we can see that market rejected this price almost more
than four times in the past. Currenctly if market remain bullish we cannot reject this level because this level
rejected the price.
(Support Areas)
1. (Green line) The green line indicate support area of Current market. Market is moving at 1924 but we can see
that market get reverse almost 2 times in the past since 11/08/2020. It will work as a strongest support point.
2. (Golden Doted Line) Golden line indicate support since October 2011.
Market rejected this point 3 times 9 year ago.
3. (Black Line) Support since 21/02/020. Exactly price get reverse from 1669.
4. )Light Red colur in Dark line) This is the strongest support since june 2019 where we can market get rejection
exactly from the mention level.
Bullish Scenario
Market started moving in Lower lows since 7 August, that indicate Bearish trend.
But now we can see that market break the Trendline since 7/08/2020 and trying to
conver in HIGHER HIGHS.
The 1st thing that confirm for bullish move is breakout of Trendline and 2nd one is that
market trying to close above the previous high.
So if we can think that market will go bullish and out SL will be the previous Low 1873.
and the target price will be 1973 and the 2nd target will be the highest point at 2075.
Bearish Scenario.
Only one thing is confusion for me that market is going up in an uptrend channel.
Bearish Scenario
As we can see that market is trying to convert its trend
to HIGHER HIGH.
But the main thing is to focus on upside sitation.
Prices are moving HH in bullish flag condition and this is the sign of long Bearish movement.
We will wait for the MONDAY CANDLE closing.
If the monday BAR close down then we will see a long bearish movement and the 1st target
will be 1847, 2nd target is 1794, 3rd target is 1669.
As We can see the Support and resistance levels in the XAUUSD Price chart.
Meaningful explanation of Resistance Areas.
1. Blue line at 2075.22 , This a highest point in Gold. Market never achieve this level in the past
this is the most important resistance level. We cannot ignore this point as well.
2. (Two Red lines) 1973-1979 at that point we can see that market rejected this price almost more
than four times in the past. Currenctly if market remain bullish we cannot reject this level because this level
rejected the price.
(Support Areas)
1. (Green line) The green line indicate support area of Current market. Market is moving at 1924 but we can see
that market get reverse almost 2 times in the past since 11/08/2020. It will work as a strongest support point.
2. (Golden Doted Line) Golden line indicate support since October 2011.
Market rejected this point 3 times 9 year ago.
3. (Black Line) Support since 21/02/020. Exactly price get reverse from 1669.
4. )Light Red colur in Dark line) This is the strongest support since june 2019 where we can market get rejection
exactly from the mention level.
Bullish Scenario
Market started moving in Lower lows since 7 August, that indicate Bearish trend.
But now we can see that market break the Trendline since 7/08/2020 and trying to
conver in HIGHER HIGHS.
The 1st thing that confirm for bullish move is breakout of Trendline and 2nd one is that
market trying to close above the previous high.
So if we can think that market will go bullish and out SL will be the previous Low 1873.
and the target price will be 1973 and the 2nd target will be the highest point at 2075.
Bearish Scenario.
Only one thing is confusion for me that market is going up in an uptrend channel.
Bearish Scenario
As we can see that market is trying to convert its trend
to HIGHER HIGH.
But the main thing is to focus on upside sitation.
Prices are moving HH in bullish flag condition and this is the sign of long Bearish movement.
We will wait for the MONDAY CANDLE closing.
If the monday BAR close down then we will see a long bearish movement and the 1st target
will be 1847, 2nd target is 1794, 3rd target is 1669.
