👑 XAUUSD GOLD KEY🗝️LEVELS TO WATCH 👀AND WHY🤔
👋 Hello traders, and welcome! I trust everyone is having a fantastic trading week. Today, let's explore the dynamic world of gold together. I want to underscore my trading approach – decisions are grounded in current market data, steering clear of assumptions or speculative guesses about future price movements until patterns materialize and are confirmed.
In this analysis, I'll delve into a potential emerging pattern on the gold chart. While it's not fully formed, understanding the potential possibilities is crucial. Let's specifically focus on the last two swings (AB and C) on both the 4-hour and daily charts.
On the 1-day gold chart, we've identified bearish ABC patterns. Notably, point C aligns with the 61.8% golden Fibonacci ratio. The current price is trading below the entry level (EL) set at 2048.48, determined strategically using Fibonacci ratios. A breach of this ratio may signal a potential continuation to the next levels.
In the hypothetical scenario of the price continuing lower, the next Fibonacci ratios to monitor are:
62% AB at 1982.79
79% AB at 1953.82
Let's shift our focus to the 4-hour chart to understand how we arrive at these prices. Using Fibonacci ratios as support and resistance levels, observing the rectangular channel on the H4 chart reveals a double top at the upper trendline breakout (2062.98) and a bounce between the lower trendline breakout (2016.50). The 38% AB support at 2023.14 aligns with the daily ABC pattern, forming a robust support zone.
If the price breaks below these levels, potential targets can be extended using the high and low:
50%: 1988.23
100%: 1962.42
Zooming out for the big picture, while I'm not a fan of emerging patterns, the structure here suggests a potential butterfly pattern. Looking at the completion point D, we can project Fibonacci ratios using the XA swing. For the butterfly completion:
127% XA: 1874.27
162% XA: 1801.41
Alternatively, using the BC swing, ratios are 127% and 262%, pointing towards the 1800 price area.
Remember, in trading, there's a style for everyone. Your trading approach defines whether you're long or short. Analyzing the long-term trend direction is crucial to avoid abrupt stops and ensure a successful trading future.
This work has been accomplished thanks to my followers. Your support is invaluable, and this analysis wouldn't be possible without you. Please share your thoughts in the comments, let me know what you think, and if you support the idea. If you haven't already, follow to stay updated and not miss any future updates. May the pips be with you, and I wish you all a happy trading journey!
Happy trading!
TCPLTP
Constantino
In this analysis, I'll delve into a potential emerging pattern on the gold chart. While it's not fully formed, understanding the potential possibilities is crucial. Let's specifically focus on the last two swings (AB and C) on both the 4-hour and daily charts.
On the 1-day gold chart, we've identified bearish ABC patterns. Notably, point C aligns with the 61.8% golden Fibonacci ratio. The current price is trading below the entry level (EL) set at 2048.48, determined strategically using Fibonacci ratios. A breach of this ratio may signal a potential continuation to the next levels.
In the hypothetical scenario of the price continuing lower, the next Fibonacci ratios to monitor are:
62% AB at 1982.79
79% AB at 1953.82
Let's shift our focus to the 4-hour chart to understand how we arrive at these prices. Using Fibonacci ratios as support and resistance levels, observing the rectangular channel on the H4 chart reveals a double top at the upper trendline breakout (2062.98) and a bounce between the lower trendline breakout (2016.50). The 38% AB support at 2023.14 aligns with the daily ABC pattern, forming a robust support zone.
If the price breaks below these levels, potential targets can be extended using the high and low:
50%: 1988.23
100%: 1962.42
Zooming out for the big picture, while I'm not a fan of emerging patterns, the structure here suggests a potential butterfly pattern. Looking at the completion point D, we can project Fibonacci ratios using the XA swing. For the butterfly completion:
127% XA: 1874.27
162% XA: 1801.41
Alternatively, using the BC swing, ratios are 127% and 262%, pointing towards the 1800 price area.
Remember, in trading, there's a style for everyone. Your trading approach defines whether you're long or short. Analyzing the long-term trend direction is crucial to avoid abrupt stops and ensure a successful trading future.
This work has been accomplished thanks to my followers. Your support is invaluable, and this analysis wouldn't be possible without you. Please share your thoughts in the comments, let me know what you think, and if you support the idea. If you haven't already, follow to stay updated and not miss any future updates. May the pips be with you, and I wish you all a happy trading journey!
Happy trading!
TCPLTP
Constantino
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