Dynamic Support and Resistance Indicator MetaTrader 4
Support & Resistance Zones in Gold Trading is one of the widely used gold technical analysis method. Support & Resistance Zones in Gold Trading shows the areas where xauusd price is likely to bounce off after reaching these Support & Resistance Zones. Most traders draw horizontal lines to show these Support and Resistance Zones - Support and Resistance Zones in Gold Trading.
There is also a gold indicator used to draw these Support and Resistance Zones automatically and indicate the resistance and support levels - MT4 Support and Resistance Indicator MT4 XAUUSD Charts - Support and Resistance Zone Indicator MT4 - Support and Resistance Zones Indicator Gold Trading.
- MT4 Support and Resistance Indicator MT4 XAUUSD Charts - Support and Resistance Zone Indicator MT4 - Support and Resistance Zones Indicator Gold Trading
When it comes to these Support and Resistance Zones -price can either bounce off these Support & Resistance Zones or break these Support & Resistance Zones.
If a resistance zone is broken the xauusd price will move higher and the resistance zone will turn to a support zone.
If a support zone is broken the xauusd price will move lower & the support zone will turn to a resistance zone.
Support Zones - Gold Price where the majority of gold traders believe that prices will move higher, while Resistance Zones show the price at where majority of gold traders feel prices will move lower.
Once xauusd price has broken through a support zone or a resistance zone then it is likely that the xauusd price will continue to move in that specific direction until when it gets to the next support zone or resistance zone.
More often a Support or Resistance zone is tested by the xauusd price and the xauusd price bounces, the more major a Support or Resistance Level that specific level becomes.
Auto Support and Resistance Indicator MetaTrader 4
Dynamic Support & Resistance Indicator Zones are calculated using gold trend lines method.
Upward XAUUSD Trend
In an upward gold trend the Dynamic Support and Resistance Indicator Zones will generally head upward in an upward direction
Upwards Gold Trend - Dynamic Support and Resistance Indicator MT4 - MT4 Support and Resistance Indicator MT4 Gold Charts
Downward Trend Gold Trading
In a downwards gold trend the Dynamic Support & Resistance Indicator Zones will generally head downward in a downward direction
Downwards Trend Gold Trading - Dynamic Support and Resistance Indicator MT4 - MT4 Support and Resistance Indicator MT4 Gold Charts
