FX.co ★ king.zelda | XAU/USD, GOLD

XAUUSDHello traders! Looking at the XAUUSD currency pair, here's the situation I observe: the linear regression channel on the M15 chart is sloping upwards, indicating strong buying pressure in the market. The activity of buyers presents a great opportunity to consider buying from the lower channel boundary at 4702.52. Next, I expect the market to rise towards the level of 4780.28, after which a correction should follow. The correction will occur towards the lower boundary, from where buying opportunities should be considered again. If it breaks downwards, we continue to fall further, in which case buying is canceled. This is how the market grows along channels when it looks upwards. Sales should be made from the upper channel boundary at 4780.28, it's a possible entry point. It's important for me to enter on a pullback as close as possible to the lower boundary.

Analyzing the higher timeframe H1, I see that the linear regression channel is upward sloping. For me, this is more important than the M15. This means that the bulls are strong. The signal from the M15 channel indicates buying, which strengthens my desire to buy. I just need to wait for the price at the right place and look for a buying opportunity from there. The place where I look for buying opportunities in the current situation is the lower channel boundary at 4572.03. From there, I try to buy again up to 4756.02. Achieving the target with subsequent growth indicates a strong upward movement. The chance to correct from 4756.02 is high, as a bullish movement is selected. Bulls will then try to restore their movement. If the entry point at 4572.03 is broken downwards, it's a sign of bearish interest. In this case, it may be worth reconsidering the trading plan towards buying, reassessing the market situation.