gold signals Tue Jul 2 24 // BULLISH

2 Jul

GOLD
XAUUSD
Based on the new chart on a 4-hour timeframe, here are simplified entry points for long positions with updated support and resistance levels and Fibonacci retracement levels:
Key Points:
1.Support and Resistance Zones:
- Resistance Zones: Around 2,331 to 2,333 USD, previously acting as strong resistance.
- Support Zones: Around 2,319 to 2,322 USD and lower at 2,310 USD, providing strong support in the past.
2. Fibonacci Retracement Levels:
- 38.20% Level: Around 2,325 USD, minor support/resistance.
- 50.00% Level: Around 2,322 USD, significant support/resistance.
- 61.80% Level: Around 2,319 USD, critical support/resistance.
3. Fair Value Gaps (FVG): Indicate potential price targets or reversal points.
4. Recent Price Action: Price has tested the 38.20% Fibonacci level and shows a potential bounce, indicating bullish strength. Currently above the 50.00% Fibonacci level, suggesting a bullish trend if it holds.
Entry Points for Long Positions:
1. Breakout Above Resistance:
- Entry Point: 2,331 USD
- Reason: A breakout above this level with strong volume can confirm bullish momentum and potential for a rally.
2. Pullback to Support Zone:
- Entry Point:2,322 USD
- Reason:Entering near the 50.00% Fibonacci level around 2,322 USD offers a good risk-reward ratio.
3. Bounce from Lower Fibonacci Level:
- Entry Point:2,319 USD (61.80% Fibonacci level)
- Reason: A bounce from this level with confirmed upward momentum is a good entry point.
Stop-Loss and Take-Profit Levels:
- Stop-Loss: Below the recent low at 2,310 USD
- Take-Profit Levels:
- TP1: 2,331 USD (Initial resistance)
- TP2: 2,333 USD (Higher resistance zone)
- TP3: 2,335 USD (Upper resistance zone)
Probability of Consolidation:
- Probability:20%
- While strong bullish indicators are present, there is still a 20% chance of consolidation.
Conclusion:
The overall sentiment for gold is bullish, with strong indicators suggesting an upward trend. Entering long positions at the identified points offers a favorable risk-reward ratio. However, be mindful of the possibility of consolidation.