As per the analysis provided, the bearish scenario suggests selling positions below 2470 with multiple target profit points in the intraday trading, along with a specified stop loss. On the other hand, the bullish scenario recommends buying positions after a pullback above 2460 with different target profit levels and a stop loss below a certain level. These scenarios provide a clear strategy for traders to consider based on the current market conditions.
XAUUSD Daily Chart Analysis
Looking at the daily chart, it appears that price consolidation is occurring below the July resistance and all-time high levels. This consolidation is forming a bullish cup and handle pattern, indicating a potential continuation of the buying pressure in the short term. The profit targets mentioned at 2500, 2600, and 2609 provide a roadmap for traders to consider in their trading decisions.
Moving to the hourly chart, the analysis suggests specific supply and demand zones for traders to keep in mind. The price has shown signs of recovery after breaking local resistances, indicating a potential continuation of the macro bullish trend. The target mentioned at 2500 for intraday trading highlights the short-term bullish sentiment. The breakout of previous session’s resistance activates a corrective scenario with defined target levels for traders to watch closely.
The concept of Uncovered Point of Control (POC) is explained to provide further insights into market dynamics. The POC signifies the level or zone with the highest volume concentration. Depending on the price action following the POC, it can be considered either a sell zone forming a resistance area or a buy zone forming a support area. This concept adds a layer of understanding for traders to consider in their analysis.
The analysis of the XAUUSD daily and hourly charts provides valuable information for traders to make informed decisions. By understanding the bearish and bullish scenarios, along with specific target profit levels and stop loss points, traders can develop a comprehensive trading strategy. The insights provided on the cup and handle pattern, supply and demand zones, and the concept of Uncovered POC enhance the overall analysis and offer a holistic view of the market conditions.
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