Technical Analysis of the Chart: XAUUSD

23 déc. 2024

Overview:
Instrument: Gold Spot (XAU/USD)
Timeframe: 1H
Current Price: $2,631.95
Key Observations:
Volume Delta data indicates a strong buying interest at lower levels (highlighted near the $2,620 region).
Major resistance levels are noted around $2,640 and higher.
Trend indicators like moving averages show bearish momentum but are flattening, signaling potential reversal.
Bullish Scenario
Key Levels:
Support Zones:

$2,620 - $2,610 (Strong Buy Zone):
Significant buying activity occurred in this region, with delta volume exceeding 180%.
Buyers are stepping in to defend this zone.
Target Zones for Bullish Momentum:

$2,645 (First Resistance Zone):
Represents previous selling pressure with visible red volume bars.
$2,665 - $2,670:
Secondary target zone where supply may increase, marked by red bands.
Entry and Exit Points:
Entry:
$2,625 - $2,630: On a retest of the $2,620 support or confirmation of a breakout above the $2,635 consolidation zone.
Stop Loss:
Place below $2,615 (last swing low), accounting for a potential false breakout.
Target 1: $2,645
Target 2: $2,665
Indicators Supporting Bullish Case:
Volume Analysis:
High delta buying at lower levels signals accumulation.
Price Structure:
Double-bottom-like structure forming between $2,610-$2,620.
Moving Averages:
Short-term moving averages are flattening, indicating momentum is slowing down.
Bearish Scenario
Key Levels:
Resistance Zones:

$2,640 - $2,645:
Major selling pressure zone with increased sell delta observed.
$2,660 - $2,665:
Extended resistance zone from previous price action.
Support Targets if Bearish Breakdown Occurs:

$2,610:
Immediate downside target if buyers fail to defend.
$2,580 - $2,590 (Next Major Support Zone):
Strong buying interest seen historically in this region.
Entry and Exit Points:
Entry:
$2,635 - $2,640: Look for a rejection or bearish candlestick confirmation near resistance zones.
Stop Loss:
Place above $2,645, considering possible fakeouts.
Target 1: $2,610
Target 2: $2,590
Indicators Supporting Bearish Case:
Volume Delta:
Heavy selling pressure is visible in regions above $2,640.
Trend Structure:
Price remains in a larger downtrend despite recent consolidation.
Neutral Scenario and Probable Consolidation
If the price stays between $2,620 and $2,645 without clear direction, expect choppy sideways movement. For such scenarios:

Trade within the range.
Buy near $2,620 and sell near $2,645 with tight stop-loss levels.
Conclusion
Bullish Bias: Above $2,635 with strong buying interest at $2,620-$2,610.
Bearish Bias: Below $2,620 with heavy resistance near $2,645.
It’s crucial to monitor the price action and volume closely at these levels for confirmation before initiating trades.