XAU/USD (Gold) intraday trading on October 29, 2024
Resistance Levels:
Primary Resistance: $2,741 - This is a key resistance level where price action may face selling pressure. A move above this could open up further gains, with the next target near $2,750.
Secondary Resistance: $2,750 - If momentum pushes beyond $2,741, this higher resistance level may be the next significant barrier for price movement.
Support Levels:
Primary Support: $2,722 - This level serves as an immediate support, and price action here could attract buyers. A sustained hold here may signal a reversal opportunity.
Secondary Support: $2,710 - Should the price break below $2,722, this level is expected to be the next potential support zone, where buying interest may emerge
Strategy Consideration:
Buy: Consider entries near $2,722 if the price shows strength, with a target towards the $2,741 resistance level and a stop-loss slightly below $2,710.
Sell: Look for shorting opportunities if XAU/USD fails to hold above $2,741, targeting $2,722 initially, with a stop-loss above $2,750 to manage risk.
These levels and strategies can help guide intraday trades by providing actionable entry and exit points based on key support and resistance zones. For optimal results, consider confirming signals with volume and other technical indicators
Primary Resistance: $2,741 - This is a key resistance level where price action may face selling pressure. A move above this could open up further gains, with the next target near $2,750.
Secondary Resistance: $2,750 - If momentum pushes beyond $2,741, this higher resistance level may be the next significant barrier for price movement.
Support Levels:
Primary Support: $2,722 - This level serves as an immediate support, and price action here could attract buyers. A sustained hold here may signal a reversal opportunity.
Secondary Support: $2,710 - Should the price break below $2,722, this level is expected to be the next potential support zone, where buying interest may emerge
Strategy Consideration:
Buy: Consider entries near $2,722 if the price shows strength, with a target towards the $2,741 resistance level and a stop-loss slightly below $2,710.
Sell: Look for shorting opportunities if XAU/USD fails to hold above $2,741, targeting $2,722 initially, with a stop-loss above $2,750 to manage risk.
These levels and strategies can help guide intraday trades by providing actionable entry and exit points based on key support and resistance zones. For optimal results, consider confirming signals with volume and other technical indicators
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