XAUUSD. The Leap. Where will the price go?
Hi traders and investors!
More than 13,000 traders have registered for The Leap paper trading competition. One of the assets of the competition is XAUUSD. Perhaps this analysis will help you make the right decision (the SPX500 analysis is available in the linked idea).
In a related idea, XAUUSD predicted that if the buyer defends the $2378 - $2383 range, then the likelihood of the buyer reaching $2431.59 and $2450.125 will increase. The buyer has reached $2450.125, time to update the analysis.
Daily Timeframe Analysis:
On the daily TF, the price formed a sideways pattern, now the current seller vector is 7-8 with potential targets of $2286.83, $2277.345. The seller's vector interacted with the first obstacle of $2391.520, where the buyer won, forming a buyer's zone (blue rectangle on the chart, upper limit $2401.31). The volume of the seller's candle from July 25, which was absorbed by the buyer, is the largest in the last 3 months. Now the price has reached the upper limit of the sideways trend at $2450.125. Let's note the surge in volume on the buyer's candle from July 31 and the closing of this candle above the test of the seller's zone ($2432.065) at the upper border of the sideways band (red rectangle on the chart). Now all attention is focused on the struggle between buyer and seller for the level of $2432.065. To consider the fight, let's consider the lower TF.
Hourly Timeframe Analysis:
On the hourly TF, the price formed a sideways pattern near the upper bounder of the sideways trend of the daily TF. $2437.32 is the lower bounder of the sideways trend, $2458.465 is the upper bounder of the sideways trend.
Selling opportunities:
If the price exits the sideways trend downwards, below $2432.065, and the seller protects this exit, you can look for selling opportunities. The goal is to choose the closest one and follow the deal (monitor how the price passes the range of 2428-2419).
Buying opportunities:
If the buyer protects the lower border of the sidebar (up to $2432.065), you can look for buying opportunities. The goal is the upper limit of the hourly sideways trend and possibly a new ATH.
More than 13,000 traders have registered for The Leap paper trading competition. One of the assets of the competition is XAUUSD. Perhaps this analysis will help you make the right decision (the SPX500 analysis is available in the linked idea).
In a related idea, XAUUSD predicted that if the buyer defends the $2378 - $2383 range, then the likelihood of the buyer reaching $2431.59 and $2450.125 will increase. The buyer has reached $2450.125, time to update the analysis.
Daily Timeframe Analysis:
On the daily TF, the price formed a sideways pattern, now the current seller vector is 7-8 with potential targets of $2286.83, $2277.345. The seller's vector interacted with the first obstacle of $2391.520, where the buyer won, forming a buyer's zone (blue rectangle on the chart, upper limit $2401.31). The volume of the seller's candle from July 25, which was absorbed by the buyer, is the largest in the last 3 months. Now the price has reached the upper limit of the sideways trend at $2450.125. Let's note the surge in volume on the buyer's candle from July 31 and the closing of this candle above the test of the seller's zone ($2432.065) at the upper border of the sideways band (red rectangle on the chart). Now all attention is focused on the struggle between buyer and seller for the level of $2432.065. To consider the fight, let's consider the lower TF.
Hourly Timeframe Analysis:
On the hourly TF, the price formed a sideways pattern near the upper bounder of the sideways trend of the daily TF. $2437.32 is the lower bounder of the sideways trend, $2458.465 is the upper bounder of the sideways trend.
Selling opportunities:
If the price exits the sideways trend downwards, below $2432.065, and the seller protects this exit, you can look for selling opportunities. The goal is to choose the closest one and follow the deal (monitor how the price passes the range of 2428-2419).
Buying opportunities:
If the buyer protects the lower border of the sidebar (up to $2432.065), you can look for buying opportunities. The goal is the upper limit of the hourly sideways trend and possibly a new ATH.
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Good luck with your trading!
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