MARKET ANALYSIS AND COMMENTARY - WEEK 17

• XAUUSD MARKET ANALYSIS AND COMMENTARY - WEEK 17 - 2024
  

ECONOMIC COMMENTARY

This week, international gold prices continued to increase beyond the threshold of 2,400 USD/oz to 2,417 USD/oz, but then gradually decreased and closed at 2,390 USD/oz.

Gold prices rose again to exceed 2,400 USD/oz on April 19 due to an attack believed to be by Israel in retaliation for previous attacks by Iran. However, until now, Israel has not acknowledged this action, while Iran also refused to admit that this attack was carried out by Israel.

Many believe that the conflict in the Middle East will not end as Israel and Iran may continue to conduct tit-for-tat military attacks on each other. However, the Israel-Iran conflict is unlikely to become a large-scale war, because both sides consider very serious consequences if the conflict escalates. Therefore, gold's role as a haven may decrease, causing investors to focus on the FED's monetary policy.

Next week may see more fluctuations in gold prices due to the release of the US GDP and PCE report for the first quarter of 2024, which could affect whether the FED cuts interest rates or not.

TECHNICAL COMMENTARY

Technically, next week's gold price needs to remain stable above 2,360 USD/oz to prepare for another price increase beyond 2,400 USD/oz. However, if next week's gold price is pushed below 2,360 USD/oz, it could open the way back to the 2,300-2,320 USD/oz range.

The trading plan for next week will consider buying if the price falls and adjusting to around 2320, selling if the price increases to reach 2473, all accepting a stop loss of 5 prices for each strategy.

Trade active:

🌐PLAN XAUUSD week April 22-April 26, 2024

Breakout + test and maintain above $2400 => confirmation of increase
Breakout + test and maintain below 2360$ => confirmation of decline

Resistance: 2400 -2418 - 2428 - 2446 - 2467 - 2472 - 2490
Support: 2365 - 2360 - 2354 - 2330 - 2322

🔴SELL price range 2471 - 2473 stop 2477

BUY price range 2322 - 2320 stop 2316

Scalping strategies will be applied when the resistance - support areas above have entry signals.

Note: Full TP and SL to be safe and win the market‼️

Comment:

THE PLAN IS EXACTLY AS EXPECTED. BREAKOUT FROM TRENDLINE AND DECREASING STRONGLY

Comment:

🔔Trading plan for April 24

📉 SELL XAUUSD zone 2349 - 2351. STOPLOSS 2354
📈 BUY XAUUSD zone 2285 - 2283. STOPLOSS 2280

➡️Resistance : 2330 -2349 - 2361 - 2370
➡️Support : 2305 - 2295 - 2285 - 2277 - 2268

Scalping strategies will be applied when the resistance - support areas above have entry signals and there will be specific signals

Note: Full TP and SL to be safe and win the market‼️ Your money, please protect it with me❤️❤️

Trade active:

🔔Trading plan for April 26

📉 SELL XAUUSD zone 2347 - 2349. STOPLOSS 2352
📈 BUY XAUUSD zone 2302 - 2300. STOPLOSS 2296

➡️Resistance : 2347 -2355 - 2365 - 2380
➡️Support : 2302 - 2295 - 2288 - 2269 - 2263

Scalping stragegies will be applied when the resistance - support areas above have entry signals and there will be specific signals

Note: Full TP and SL to be safe and win the market‼️ Your money, please protect it with me❤️❤️