• July 24, 2024
  • Trade ideas

XAUUSD: Pivotal Point

XAUUSD, H4

XAUUSDH4.png

XAUUSD is currently testing the 2418 resistance level, aligned with the 38.2 Fibonacci ratio while navigating a trendline. The Momentum oscillator crosses the 100-line, suggesting a potential bullish momentum.

XAUUSD, H2

XAUUSDH2.png

On the 2H timeframe, William’s Lips line (yellow) breaks the Jaws (blue) line up and the price action shows signs of breaking above the nearest upper fractal resistance, also indicating potential upward momentum.

  • If the price breaks above the 2418 resistance, bullish momentum could drive it up to 2440.
  • Conversely, if bearish pressure takes hold, the price may retreat to 2390.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul