Technical Analysis of the Gold Spot (XAU/USD) Chart (4H Timefram

27 בנוב׳ 2024

This chart displays key elements such as Fibonacci channels, support/resistance levels, and volume data, highlighting the price's potential movements in both bullish and bearish scenarios.

Key Observations:
Trend Overview:

After a significant downtrend, the price is attempting to recover, with early signs of a potential reversal forming near the $2,608–$2,616 support zone.
The descending wedge pattern suggests potential bullish momentum if a breakout occurs.
Support Zones:

$2,586–$2,590: Major demand zone from which strong buying activity previously emerged.
$2,608–$2,616: Current support, acting as a pivot zone for potential bullish continuation.
Resistance Zones:

$2,655–$2,660: Immediate resistance within the Fibonacci channel's midline and horizontal level.
$2,685–$2,690: Key Fibonacci level and major resistance.
$2,708–$2,720: Extended resistance zone at the top of the Fibonacci channel.
Volume Analysis:

Heavy selling pressure is evident (Sell: 265.27K, Delta: 184.58%). However, buyers are defending $2,608, which is critical for a bullish reversal.
Fibonacci Channel:

The chart aligns with Fibonacci retracement and extension levels, suggesting possible upside targets near $2,685 and $2,720 if the trend reverses.
Bullish Scenario:
Conditions for a Bullish Move:

Price must break and close above $2,655, confirming a breakout from the descending wedge and midline of the Fibonacci channel.
Sustained buying pressure must carry price toward higher Fibonacci levels.
Entry Points:

Aggressive Entry: Enter near the current support zone ($2,608–$2,616) with a stop-loss below $2,600.
Conservative Entry: Enter after a confirmed breakout above $2,655, targeting higher resistance zones.
Exit Points (Take Profit):

First Target: $2,685 (horizontal resistance and Fibonacci level).
Second Target: $2,708–$2,720 (major resistance and channel top).
Invalidation:

A breakdown below $2,600, indicating a continuation of the bearish trend.
Bearish Scenario:
Conditions for a Bearish Move:

Price fails to break above $2,655 and faces strong rejection, maintaining the downtrend structure.
A break below $2,608 confirms further bearish momentum.
Entry Points:

Aggressive Entry: Short near $2,655 if price fails to break this resistance, with a stop-loss above $2,665.
Conservative Entry: Short after a confirmed breakdown below $2,608, targeting lower support levels.
Exit Points (Take Profit):

First Target: $2,586 (key demand zone).
Second Target: $2,550–$2,560 (lower Fibonacci zone).
Final Target: $2,520 (extended bearish target).
Invalidation:

A breakout above $2,665 with strong bullish momentum, invalidating the bearish thesis.
Key Indicators to Watch:
Volume Activity:

High selling volume near $2,655 would support the bearish scenario.
Increasing buying volume near support levels ($2,608–$2,616) favors the bullish outlook.
Descending Wedge Breakout:

A confirmed breakout above the wedge resistance signals a reversal and potential bullish continuation.
Fibonacci Channel:

Watch price action at Fibonacci levels for clues on potential reversals or continuation of trends.
Summary of Probable Entry & Exit Points:
Scenario Entry Zone Stop-Loss Target Levels
Bullish $2,608–$2,616 (Aggressive) or above $2,655 (Conservative) $2,600 $2,685, $2,708, $2,720
Bearish $2,655 (Aggressive) or below $2,608 (Conservative) $2,665 $2,586, $2,560, $2,520
Conclusion:
Bullish Outlook: If price sustains above $2,655, expect upside targets of $2,685 and $2,720.
Bearish Outlook: A failure to break $2,655 or a breakdown below $2,608 may lead to deeper corrections toward $2,586 or lower.
This analysis highlights key levels for trading opportunities while maintaining a clear risk-management approach.