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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Technical Analysis of GOLD – 15 October 2024

Technically, I see that Gold has reached a price position that is still worth considering for an entry point. 

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

We will analyze using Price Action (Trader Pressure) analysis. In the current market trend, Gold appears to be in a Bullish/Uptrend condition, but we must also anticipate a potential trend reversal if the price breaks through the Support area above, or if there is price consolidation.

In the candle history, we can look for Buy entry opportunities, but to be more objective, I will present an analysis for both buy and sell entries.

Looking at the chart above, the Buyer pressure (green candle length) is gradually pushing the price higher, without being resisted much by Seller pressure (red candle length), forming Higher Lows. This indicates that Buyers are still dominating the formation of certain price levels. However, Sell opportunities can still be found in this Gold commodity.

In the chart, I have identified a Resistance area using lines above the price (2663.09 – 2657.42), and for the Support area, we can observe it through two lines below the price (2642.69 – 2636.74).

Here are my suggested entry setups, which you can adapt to your trading style:

Breakout Opportunity Setup:

• If the 1-hour candle closes above the Upper Resistance Area (2663.09), be prepared to find the best Buy entry position.
• If the 1-hour candle closes below the Lower Support Area (2636.74), be ready to look for the best Sell entry position.
• Set a Cut Loss if the 1-hour candle closes below the lower boundary of the resistance area (<2657.42) for a buy entry, and above the Upper Support Area (>2642.69) for a stop loss on a sell entry. Apply a minimum risk-reward ratio of 1:1.

Pullback Setup for Sell:

• Use the resistance area as the pullback zone. If the 1-hour candle closes within this area, you may take a Sell position and set a Cut Loss if the 1-hour candle closes above the upper boundary of the pullback area (>2663.09). Use a minimum risk-reward ratio of 1:1, according to your trading style.

Pullback Setup for Buy:

• Use the support area as the pullback zone. If the 1-hour candle closes within this area, you may take a Buy position and set a Cut Loss if the 1-hour candle closes below the lower boundary of the pullback area (<2636.74). Use a minimum risk-reward ratio of 1:1, according to your trading style.

Always maintain good money management in every entry to ensure healthy trading practices, and stay alert for Fake Breakout Candles.

I hope this article serves as a useful reference for your market analysis.

Happy Trading, everyone!

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