Technical Analysis of GOLD for October 18, 2024

From a technical perspective, I see that the Gold commodity has entered a price range that is worth considering for potential entry points. 

Let's take a look at the 1-hour time frame Gold chart below before diving into the analysis:

We will analyze using Price Action (Trader Pressure). In the current market trend, GOLD still appears to be in a bullish or uptrend condition. However, we must also anticipate a trend reversal if the price breaks the support area above or experiences price consolidation.

Looking at the candle history, we can spot potential buy entry opportunities. However, to be more objective, I will provide an analysis for both buy and sell entries. If we examine the chart above, the buyer's pressure (long green candles) is gradually pushing the price higher without much resistance from the seller's pressure (long red candles), creating higher lows. This indicates that buyers are still dominating the formation of certain price levels. However, sell opportunities can still be found within this Gold commodity.

In the chart, I have identified a resistance area marked by lines above the current price (2728.37 – 2718.41), and for support, we can see two lines below the current price (2693.49 – 2684.03).

Here are my entry setup options, which you can adapt to your trading style:

Breakout Opportunity Setup:

• If the price closes above the upper boundary of the resistance area (2728.37) on a 1-hour candle, be ready to look for the best buy entry.
• If the price closes below the lower boundary of the support area (2684.03) on a 1-hour candle, be ready to look for the best sell entry.
• Set a cut loss if the price closes below the lower boundary of the resistance area (<2718.41) for buy entries, and above the upper boundary of the support area (>2693.49) for stop-loss on sell entries. Apply a minimum risk ratio of 1:1.

Pullback Setup for Sell Positions:

• Use the resistance area for pullback setups. If the price closes within the pullback area on a 1-hour candle, you can take a sell position and cut losses if the price closes above the upper boundary of the pullback area (>2728.37). Use a minimum risk ratio of 1:1 according to your trading strategy.

Pullback Setup for Buy Positions:

• Use the support area for pullback setups. If the price closes within the pullback area on a 1-hour candle, you can take a buy position and cut losses if the price closes below the lower boundary of the pullback area (<2684.03). Use a minimum risk ratio of 1:1 according to your trading strategy.

Always maintain good money management for healthy trading practices, and stay alert for potential fake breakout candles.

I hope this article can serve as a reference for your market analysis. 

Happy Trading, everyone!

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Technical Analysis of GOLD - 17 October 2024

Technically, I see that Gold has reached a price level worth considering for potential entry points. 

Let's take a look at the 1-Hour Time Frame Gold chart below before we dive into the analysis:

We'll use Price Action analysis (Trader’s Pressure) to evaluate this chart. In the current trend, GOLD is still in a bullish/uptrend condition. However, we must also anticipate a potential trend reversal if the price breaks the support area above, as well as any price consolidation.

In the candle history, there are opportunities for a Buy entry, but to remain objective, I will present both Buy and Sell entry analyses.

Looking at the chart above, the Buyer pressure (as indicated by the length of the Green candles) is gradually pushing the price upward, without being countered by Seller pressure (as indicated by the length of the Red candles), forming Higher Lows. This indicates that Buyers are still dominating the price levels being formed. However, there are still Sell opportunities to be found in the GOLD commodity.

In the chart, I have identified the Resistance area with lines above the price (2695.15 – 2688.64), and for the Support area, we can observe two lines below the price (2671.33 – 2664.37).

Here are my setup options for entries, which you can adjust according to your trading style:

1. Breakout Opportunity Setup:

   • If the 1-Hour candle closes above the Upper Boundary of the Resistance Area (2695.15), prepare to look for the best Buy entry positions.
   • If the 1-Hour candle closes below the Lower Boundary of the Support Area (2664.37), prepare to look for the best Sell entry positions.
   • Cut loss if the 1-Hour candle closes below the lower boundary of the resistance area (<2688.64) for Buy entries, or above the upper boundary of the support area (>2671.33) for Stop Loss on Sell entries. Ensure to apply a risk ratio of at least 1:1.

2. Pullback Setup for Sell Positions:

   • Use the resistance area for a pullback entry. If the 1-Hour candle closes within the pullback area, you can take a Sell position and cut loss if the 1-Hour candle closes above the upper boundary of the pullback area (>2695.15). Apply a risk ratio of at least 1:1 according to your trading strategy.

3. Pullback Setup for Buy Positions:

   • Use the support area for a pullback entry. If the 1-Hour candle closes within the pullback area, you can take a Buy position and cut loss if the 1-Hour candle closes below the lower boundary of the pullback area (<2664.37). Apply a risk ratio of at least 1:1 according to your trading strategy.

Always use proper money management in every entry to ensure sustainable and healthy trading, and remain cautious of Fake Breakout candles.

I hope this article can serve as a reference for your market analysis.

Happy Trading, everyone!

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Technical Analysis of GOLD – October 16, 2024

From a technical perspective, I see that Gold has reached a price level worth considering for potential entry points. 

Let’s take a look at the 1-hour timeframe Gold chart below before diving into the analysis:

Using Price Action analysis (Trader's Pressure), the trend shows that GOLD is still in a bullish/uptrend condition. However, we must also anticipate a trend reversal if the price breaks through the support area above, or if the price consolidates.

By reviewing the candle history, we can identify potential buy opportunities, but to remain objective, I will present an analysis for both buy and sell entries. If we observe the chart above, the buyer's pressure (long green candles) is gradually pushing the price upward, with no significant resistance from the seller’s pressure (red candles), forming higher lows.

This indicates that buyers are still dominating the formation of key price levels. However, sell opportunities can still be found in this GOLD commodity. On the chart, I’ve marked the resistance area with lines above the price (2672.82 – 2667.69), and for the support area, we can observe two lines below the price (2652.82 – 2646.88).

Here are my suggested entry setups, which you can adjust based on your trading style:

1. Breakout Opportunity Setup:

• If the 1-hour candle closes above the upper limit of the resistance area (2672.82), prepare to find the best buy entry position.
• If the 1-hour candle closes below the lower limit of the support area (2646.88), prepare to find the best sell entry position.
• Cut Loss if the 1-hour candle closes below the lower boundary of the resistance area (<2667.69) for a buy entry, or above the upper boundary of the support area (>2652.82) for a sell entry stop loss. Use a minimum risk ratio of 1:1.

2. Pullback Setup for Sell Positions:

• Use the resistance area for pullback setups. If the 1-hour candle closes within the pullback area, you can take a sell position and cut loss if the 1-hour candle closes above the upper boundary of the pullback area (>2672.82). Use a minimum risk ratio of 1:1 according to your trading style.

3. Pullback Setup for Buy Positions:

• Use the support area for pullback setups. If the 1-hour candle closes within the pullback area, you can take a buy position and cut loss if the 1-hour candle closes below the lower boundary of the pullback area (<2646.88). Use a minimum risk ratio of 1:1 according to your trading style.

Always apply good money management practices in every entry to ensure healthy trading continuity, and be cautious of fake breakout candles. 

I hope this article can serve as a reference for your market analysis.

Happy trading, everyone!

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