In this GOLD/USD trading analysis, we delve into the market movements since 2020, focusing on the formation of a harmonics pattern and the confirmation of the previous low-loading region as support. Notably, the market surpassed resistance around $1500, signaling a significant bullish momentum. Further analysis of the daily timeframe reveals a trend of treating the loading zone, particularly at the monthly level, as support, potentially confirming another loading zone.
After surpassing the previous all-time high (ATH) of around $1800, the market established new resistance levels near $2000, leading to a period of sideways consolidation until the end of 2023. Recently, we observed a breakout, with the previous ATH of $2000 now being treated as support multiple times on the daily timeframe.
Looking ahead, it's probable that the market will consolidate sideways, possibly retracing to touch the $2000 level as support before another bullish push. However, it's crucial to monitor developments closely, as a breakout above $2000 could lead to it being treated as support, altering the trajectory of the price action. Regardless of short-term movements, price targets are set between $2300 to $2500.
Scalpers are advised to examine lower timeframes to identify shorting opportunities to the loading zone.
As always, it's important to remember that trading involves inherent probabilities, and the analysis provided here does not constitute trading advice. Traders are encouraged to conduct thorough research and manage their risks accordingly. Dollar-cost averaging is emphasized as a reliable strategy, with a reminder that investing often outperforms frequent trading.
Wishing all traders success and profitable trades.
Keywords: GOLD/USD, trading analysis, harmonics pattern, support levels, resistance levels, sideways consolidation, bullish momentum, price targets, scalping, dollar-cost averaging, investing, risk management, trading advice.
After surpassing the previous all-time high (ATH) of around $1800, the market established new resistance levels near $2000, leading to a period of sideways consolidation until the end of 2023. Recently, we observed a breakout, with the previous ATH of $2000 now being treated as support multiple times on the daily timeframe.
Looking ahead, it's probable that the market will consolidate sideways, possibly retracing to touch the $2000 level as support before another bullish push. However, it's crucial to monitor developments closely, as a breakout above $2000 could lead to it being treated as support, altering the trajectory of the price action. Regardless of short-term movements, price targets are set between $2300 to $2500.
Scalpers are advised to examine lower timeframes to identify shorting opportunities to the loading zone.
As always, it's important to remember that trading involves inherent probabilities, and the analysis provided here does not constitute trading advice. Traders are encouraged to conduct thorough research and manage their risks accordingly. Dollar-cost averaging is emphasized as a reliable strategy, with a reminder that investing often outperforms frequent trading.
Wishing all traders success and profitable trades.
Keywords: GOLD/USD, trading analysis, harmonics pattern, support levels, resistance levels, sideways consolidation, bullish momentum, price targets, scalping, dollar-cost averaging, investing, risk management, trading advice.
