Gold (XAU/USD) Daily Timeframe Analysis – Key Levels & Trading Opportunities
Hey Traders!
Let's analyze gold (XAU/USD) on the daily timeframe to identify key structure levels and potential trade setups.
Gold Market Structure – Key Observations
✅ Previous Support at 2603 Broken: Gold has breached its last major support at 2603, indicating potential further downside.
✅ Current Range-Bound Market: The price is consolidating between support at 2538 and resistance at 2790, offering potential day-trading opportunities within this range.
✅ Breakout Confirmation Needed: The next major move depends on whether gold breaks below 2538 or above 2790.
Trading Strategy – Key Levels to Watch
📉 Bearish Scenario (Break Below 2538)
If gold closes a daily candle below 2538, this could confirm further downside momentum.
Possible next targets: 2500, 2450, or lower levels.
📈 Bullish Scenario (Break Above 2790)
If gold breaks above 2790, expect a bullish continuation.
Potential upside targets: 2850, 2900, or higher levels.
🎯 Day Trading Opportunity
Until a breakout occurs, traders can look for range-bound trades between 2538 (support) and 2790 (resistance).
Buy near support, sell near resistance, but always wait for confirmation signals.
Conclusion
📌 Gold is currently in a range, with 2538 as the key support and 2790 as the major resistance.
📌 A breakout below 2538 could lead to further downside, while a break above 2790 could push prices higher.
📌 Day traders can look for short-term opportunities within this range until a clear breakout happens.
🚀 Trade wisely and manage risk properly! Let me know if you need an updated analysis.
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