XAUUSD Gold Chart Analysis 24/3/2025

in LeoFinancelast month

The daily candle has created the top wick and is now descending down in a steady manner which means that the price is probably gonna descend further, but whether or not it touch the 3,000.00 support once more depends on whether the market is looking to clear more volumes, if not, the chart will continue on its trend again.

The latest support on the 4 hour candle is at 3,006.570, and it is now touched before pulling back, which means the market starts accumulating buy volume and it also means the market will crash anytime soon, so the best thing to do now is to wait because buying now would be on the same side as most traders, but selling now is following sell, so now isn't the best time and place to sell as the price can break out or do a full pullback at any moment. But the price pulling back after touching support can also means that there are people selling at price breaking below so the market needs to clear the sell volumes before going back down.

But there's an alternative for this if you're unable to wait for the 4 hour candle to close, is to look at the 1 hour candle. Which shows the current candle pushing up clearing sell volumes before descending again, but seriously, don't be biased that the price must go down due to the currency price actions because the unexpected always happens in trading, all you need to do is to analyze the chart as it is and it will always come to fetch your order and take profit for you if you're doing it right. So to get an order in the 1 hour timeframe right now is to wait for the price to push up clearing sell volumes at the wick before the next resistance because if the price is still gonna crash it should not touch the next resistance. So there is still a chance to get a position at that wick, just remember to place a sell limit with a distance of about 40-100 pips in case the spread prevents the price from reaching the actual wick. And in the worst case scenario that the price ascend further than expected and manage to cross and break resistance, you can choose to directly cut loss or wait to acquire the next sell position to cut loss the negative order into break even.

Another thing, always be prepared to solve anything that might arise. Don be biased that you're on your way to win because you'll start being careless in everything you do since you're not giving your best.