XAUUSD Forex Analysis for Today, Wednesday (06-12-2023)
XAUUSD Trading Analysis Today
This analysis utilizes Resistance and Support areas based on the historical range of movements on a 1-hour timeframe chart:
Resistance Area: 2034.00 – 2044.00
Support Area: 1996.30 – 2006.30
Red EMA Period: 20, Green EMA Period: 50
In the intraday chart image above, the price is mildly moving as the EMA starts forming the early stage of a Death Cross, serving as the initial basis for today’s analysis. The SR area and EMA remain the primary validators of the daily trend.
Alright, from my perspective, based on the price movements we’ve analyzed above, there is still a better trading opportunity today percentage-wise, while observing how volume shapes each candle and reacts to the Resistance and Support Areas. However, we should refrain from assuming in technical analysis, so the best entry would be to continue monitoring the CLOSE CANDLE movement in this timeframe.
Resistance
- R1 2034.00
- R2 2044.00
Support
- S1 1996.30
- S2 2006.30
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