@amina4560 on XAUUSD | PriceONN Community
A
I've been seeing a lot of talk about support and resistance levels, but I'm not entirely sure how to properly identify them myself. Is there a specific indicator or method that beginners like me can use to find these levels reliably? I've heard of pivots, but they seem complicated. Any advice would be greatly appreciated.
Replies
Hey @amina4560, I get what you're saying about support and resistance. It can seem confusing at first. For me, I started by just looking at the weekly and daily charts and marking where price reversed significantly. Like, if gold dropped hard from 4700 and then bounced back up later, I'd mark 4700 as resistance. And if it held near 4500 before the big fall, that's a support area. Don't get too caught up in fancy indicators yet. The price action itself tells a lot. You can use pivot points, yeah, they give you clear levels, but sometimes they're too precise and the market just ignores them. The weekly close on Friday at 4501 was way below the weekly pivot, which is a strong bearish signal for me. So, try marking those swing highs and lows on your chart, and see how the price reacts when it gets near them. It's more about observation than a magic tool when you're starting out.