XAUUSD
Gold seems to be respecting the support/resistance areas confirmed by: trendlines, support, pivot standard, and Fibonacci levels. It is a great time to be alive and see gold with a support at 1883 on the 15 min chart, make sure to go through all time frames for stronger levels. Fundamentals are also at play here since no good news surfacing the planet yet. There is a list of good news headlines to watch out for that could make this downtrend: Covid-19 Vaccines; End of Recession; DXY uptrend; US Elections,which we will probably see August or September.
When you have two or more levels come together at a certain point on your chart that is called confluence zones, they can further validate the areas.
If you liked the chart please leave a thumbs up and check my previous analysis as it will motivate me to continue. Have a great weekend & Happy Trading!
About my style of analysis, I like a simplistic route of Naked Forex and Candlestick patterns. I do combine tools, but I don't like to base my analysis on indicators alone even though they are great help for confirmations sometimes.
While embarking on this trading journey remember to pick whatever style works for you, everyday is a learning experience. If you have any trading ideas please drop in the comments.
This chart is for educational proposes only, this is not financial advice.
KEY LEVELS
R3 1937.47
R2 1917.95
R1 1902.75
PP 1883.23
S1 1868.03
S2 1848.51
S3 1833.31
Order cancelled:
Resistance line at 1888, there was price rejection a few time the candles have stopped right before that and back down to support 1883. Until that resistance is broken there will be this ranging of areas.
Trade closed: target reached