Gold or XAU/USD Time Frame Daily analysis
If we pull Fibonacci in the daily resistance time-frame area between fractals up point 1959.65 to fractals down point 1901.94, we will get a potential range of price movements to Fibonacci reversal area at 1672.81 point of 2850 pips. It turns out that the price actually has a rejection from the reversal area so there is a possibility that Gold will rise to the Fibonacci area 261.8 point 1809.02. The current price is above the Fibonacci 423.6 area so there is still a chance for bullish at 763 pips. We can buy tomorrow with our Take Profit at 1809.02 and stop loss below Fibonacci 423.6.
Gold Time Frame Analysis H4
Meanwhile, for the Gold or XAU/USD pair on the H4 time frame, the bullish opportunity is actually greater than the bullish prediction on the daily time frame, namely Gold can be up to the reversal point of 1875.34. Gold price is currently in the best buy area according to this technique, which is above the 110 Fibonacci area. Although currently the price of Gold is still below MA 50 and MA 200, but with a closer distance between MA 50 and MA 200, it means that the opportunity for Gold to breakout resistance level 161.8 is large enough to then arrive at the TP 1 target at the Fibonacci level 261.8, point 1779.57 and TP 2 at the Fibonacci level 423.6, point 1845.03. The potential profit that can be achieved from the buy option is 473 pips to 1121 pips. We can put a stop loss below the 100 Fibonacci level because if the price breaks back down the 100 Fibonacci area then this buy option will be canceled. For the sell area, we can install it in the reversal area of the point 1845.03 to 1875.34 with the Take Profit target of the RBS area, Fibonacci level 261.8, point 1779.57. Potential profit sell limit is around 659 pips to 995 pips. We can put a stop loss above the reversal point at 1845.03.
4 Hours Chart