Henrytrader93

Dear friends,In the context of the constantly fluctuating gold market, today's XAUUSD chart is showing important signals that investors cannot ignore. As the gold price approaches the upper boundary of the rising price channel, a big question is: Is this the time to take profits or is there a buying opportunity about to appear? Let's explore the potential movements on the chart and predict the next trend of gold prices in the short term.In general, the level of 2,500 USD/ounce of the precious metal is very difficult to hold. Because, after reaching a new historical milestone, gold is easily sold off by investors to take profits. Not only that, at such a high price, it is difficult to attract new buyers to the market, also causing this commodity to decrease in price.It is predicted that XAUUSD may correct down to the first support zone at 2,490 USD (position 1 on the chart). If selling pressure continues to increase, the price could fall further towards the stronger support zone at $2,450 (position 2). Traders should consider monitoring price reactions at these support levels to make appropriate trading decisions.

On the 1-hour chart of BTCUSDT, we observe that the price has pulled back after breaking through the critical support level at $58,783, which has now turned into a new resistance zone where sellers are actively defending the price near the reversed EMA 34. Currently, the price is in a minor recovery phase following the recent sharp decline, but there are clear signals indicating that another downward move may be forming.It is anticipated that BTCUSDT could continue its bearish trend, targeting the next key support level at $57,642.73, marked as point (5) in the pattern. This is a crucial level that traders should watch closely. If the price faces strong selling pressure at the resistance area near point (4), it could present a good opportunity to enter a sell position, aiming for the support below. Keep monitoring the price action to seize optimal trading opportunities in the current market environment.As expected, after BTCUSDT completed wave 5 near the mentioned support level, it rebounded unexpectedly.

On the 1-hour timeframe, XAUUSD has undergone a strong rally and is currently correcting. The price is forming a cup and handle pattern with strong support at around 2,485 - 2,490. This is an important support zone as it coincides with the EMA 34 and EMA 89, indicating that the strength of the uptrend is still maintained.Possible scenario:Uptrend continues: If the price holds above this support zone and bounces back, we can expect another rally with a target towards 2,520 and further towards 2,540.Downtrend: However, if the price breaks this support zone, a deeper bearish scenario can take place with the nearest target being the 2,432 zone. This is an important support zone and also the previous low.Conclusion:The main trend is still up, but pay attention to the support zone of 2,485 - 2,490. If the price breaks below this zone, a short-term downtrend may take place. Conversely, if the price rebounds from here, it may signal a strong bullish move.Trading strategy: Wait for the price to react at the support zone before deciding to enter an order. If there is a clear bullish signal, you can consider entering a buy order with a higher target. Conversely, if the price breaks the support zone, a sell order can be considered with a target at the price zone of 2,432.

Time to Buy BTCUSDT on H1 ChartBullish Convergence FormedBullish Hammer Candle on H1 ChartCurrently Price is Reacting to Important 34-Day Lines Around Resistance Level 58,200Therefore, we can Buy Gold on a RecessionTarget is 59,692 - 60,887SL Below 56,300

Hello dear friends!Gold prices edged up slightly from early yesterday morning but retreated from the day's gains. The precious metal turned lower, pressured by a rebound in the US dollar and rising Treasury yields following stronger-than-expected US economic data.However, geopolitical risks and bets on the imminent start of a Fed rate-cutting cycle are likely to support the bulls.