FX.co ★ XAU/USD, GOLD

GOLDHave a great day, everyone! Looking at the currency pair GOLD, I observe the following situation: the linear regression channel on the M15 chart is sloping upwards, indicating strong buying pressure in the market. The activity of buyers presents an excellent opportunity to consider buying from the lower channel boundary at 3082.76. Next, I expect the market to rise to the level of 3108.62, after which a correction should follow. The correction will occur towards the lower boundary, from where buying opportunities should be considered again. If the price breaks below this level, we continue to fall further, in which case buying positions are canceled. This is how the market grows along the channels when it looks up. Sales should be expected from the upper channel boundary at 3108.62, and positions can be entered. It is important for me to enter on a pullback as close to the lower boundary as possible.

Examining the higher timeframe H1, I see that the linear regression channel is upward sloping. It is more important to me than the M15. This indicates strong bullish momentum. The signal from the M15 channel suggests buying, which reinforces my desire to buy. I just need to wait for the price at the right level and look for buying opportunities from there. The place where I look for buying opportunities in the current situation is the lower channel boundary at 3064.04. I try to buy from there again up to 3107.91. Achieving the target with subsequent growth indicates a strong upward movement. There is a high chance of a correction from 3107.91, as a bullish movement is selected. Bulls will then try to restore their movement. If the entry point of 3064.04 is broken downwards, it is a sign of bearish interest. In this case, it may be worth reconsidering the trading plan towards buying and reassessing the market situation.