AI BOT Gold Analysis of Price Action using Pivot Points
XAUUSD
It is a work in progress
I trained a bot for price action analysis based on High and Low Pivot Points.
It outlines an approach for intraday price action analysis of currency pairs based solely on unconfirmed high and low pivot points. The goal is to facilitate rapid assessment while incorporating continuous feedback to refine the methodology.
Pivot points are identified using intraday highs and lows on a chart, without additional confirmation from factors like volume or closing prices. This means signals may be less reliable compared to methods incorporating those aspects.
The current focus is analyzing movements in the Gold/USD currency pair based on pivot point levels. Additional currency pairs will be evaluated over time to expand the approach.
The short-term uptrend likely remains intact, with the dip below 2008 representing a normal retracement
Price will likely continue rangebound consolidation near current levels in the 2000-2018 zone in the near term
On further upside momentum, resistance at the 2018 higher high is the next level to watch
Breakout above 2018 could see the rally extend with 2020 as the next resistance target
Downside remains supported at 2008, unless a close below is seen which would indicate weakness
Overall bias remains bullish as long as 2008 support holds on pullbacks
Trade closed: target reached:
Gold reached 2028 following a breakout of 2018 as forecasted by the AI Bot
The near-term outlook remains one of continued consolidation within the 2008-2028 grid range
The 2015.5 level has now acted as support, keeping the broader bullish bias intact
As the price taps the upper boundary of the defined range between 2015.5-2018:
Resistance is likely to be encountered around 2018 initially
A confluence of resistance may also be seen at the 2020.5 extension level
Upside breakouts above either 2018 or 2020.5 would reinforce the bullish case
Downside protected while above 2015.5 support
New pivot highs would give insight into the strength of buyers at resistance levels