GOLD BUY IDEA 7TH NOV
Gold Price Action Analysis (XAUUSD)
Gold is currently at a critical level, interacting with a 4-hour order block that aligns with a significant resistance zone, which may potentially turn into support. This level offers a strong foundation for observing price behavior.
Multi-Time Frame Analysis:
4-Hour (4H) Time Frame: Gold has reached an order block coupled with a resistance zone, suggesting this level may serve as a support if it holds.
1-Hour (1H) Time Frame: We see a bullish engulfing candle, which reflects bullish sentiment. However, the buyers appear trapped after entering long at the 5-minute order block, and also post a minor trend line breakout.
Structure & Fibonacci Levels: The break of structure has occurred, with price holding firmly at the 0.618 retracement level. This level is pivotal and may provide a base for a continued bullish push if maintained.
Trade Setup:
Entry: Consider a buy setup with a break above the 15-minute resistance, followed by a retracement for entry confirmation. Watching the candle close above this level will add further validation.
Target (TP1): The initial target could be set at the 5-minute order block level, aligning with the next key area for profit-taking.
Stop Loss (SL): If price closes below the minor order block, this could invalidate the bullish setup. Any closure below this level signals potential further downside, but avoid shorting until a confirmed break of the previous swing low.
Note: Allow price to develop and await clear confirmation on the 15-minute chart before executing. If the price respects the structure, it may provide high-probability trade opportunities.
Gold is currently at a critical level, interacting with a 4-hour order block that aligns with a significant resistance zone, which may potentially turn into support. This level offers a strong foundation for observing price behavior.
Multi-Time Frame Analysis:
4-Hour (4H) Time Frame: Gold has reached an order block coupled with a resistance zone, suggesting this level may serve as a support if it holds.
1-Hour (1H) Time Frame: We see a bullish engulfing candle, which reflects bullish sentiment. However, the buyers appear trapped after entering long at the 5-minute order block, and also post a minor trend line breakout.
Structure & Fibonacci Levels: The break of structure has occurred, with price holding firmly at the 0.618 retracement level. This level is pivotal and may provide a base for a continued bullish push if maintained.
Trade Setup:
Entry: Consider a buy setup with a break above the 15-minute resistance, followed by a retracement for entry confirmation. Watching the candle close above this level will add further validation.
Target (TP1): The initial target could be set at the 5-minute order block level, aligning with the next key area for profit-taking.
Stop Loss (SL): If price closes below the minor order block, this could invalidate the bullish setup. Any closure below this level signals potential further downside, but avoid shorting until a confirmed break of the previous swing low.
Note: Allow price to develop and await clear confirmation on the 15-minute chart before executing. If the price respects the structure, it may provide high-probability trade opportunities.
Trade fermée: cible de profit atteinte
TP 3 DONE
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.