2024-02-21 • Updated
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
On the daily timeframe, we see that price has reached the target area, whilst approaching the 50% mark of the Fibonacci retracement tool. The lingering question at this moment seems to be whether or not the bullish pressure will continue. In my opinion, I expect to see a short decline in bullish pressures, which should give the price action enough room to regain its momentum.
On the 4-hour timeframe of XAUUSD, price has reached a minor rally-base-drop supply zone, and is expected to bounce off in reaction to the bearish pressure from that zone. However, I perceive this to be simply a retracement move, which is why I have drawn the Fibonacci retracement tool in a bid to show the expected area for the bullish continuation.
Analyst’s Expectations:
Direction: Bullish
Target: $2046.27
Invalidation: $1983.61
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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