100% Rebate XM automatic Transfer to Your MyWallet Account everyday! , The Biggest XM Cashback Rebate in the World..!

Select you Language

List Country Support 100% Rebate XM



XM Singapore XM Indonesia XM Brunei XM Malaysia XM Vietname XM Thailand XM Philippines XM Sri Lanka XM Laos XM Cambodia
XM Timor-Leste XM Papua New Guinea XM India XM Bangladesh XM Taiwan XM Macau XM Hong Kong XM Nepal XM South Korea XM Maldives XM Bhutan


Technical Analysis of GOLD for November 20, 2024

From a technical perspective, Gold has reached a price level that warrants careful consideration for potential entry points. 

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

Analysis Using Price Action (Trader’s Pressure)

In the current market trend, Gold is still in a Bullish/Uptrend condition. However, it’s crucial to anticipate a potential trend reversal if the price breaks through the support area or enters a consolidation phase.

By reviewing the candle history, there are clear opportunities to identify potential buy entries. To maintain objectivity, I’ll present an analysis for both buy and sell entry setups.

Observing the chart above, the dominance of buyers is evident as green candles (buyer pressure) consistently push the price upward, forming higher lows, with minimal opposition from red candles (seller pressure). This indicates that buyers are still the primary drivers of price formation.

Nevertheless, selling opportunities remain viable in Gold. The chart highlights the following:

  • Resistance Area: 2666.11 – 2653.03
  • Support Area: 2617.80 – 2604.72

Suggested Entry Setups

1. Breakout Opportunity Setup

  • Buy Entry: If the 1-hour candle closes above the upper boundary of the Resistance Area (2666.11), prepare to find the best buy entry point.
  • Sell Entry: If the 1-hour candle closes below the lower boundary of the Support Area (2604.72), prepare to find the best sell entry point.
  • Stop Loss:
    • For buy entries, cut losses if the 1-hour candle closes below the lower boundary of the Resistance Area (<2653.03).
    • For sell entries, cut losses if the 1-hour candle closes above the upper boundary of the Support Area (>2617.80).
  • Always maintain a risk-to-reward ratio of at least 1:1.

2. Pullback Opportunity Setup

For Sell Positions:

  • Use the resistance area as the pullback zone. If the 1-hour candle closes within the resistance area, consider taking a sell position.
  • Stop Loss: Exit if the 1-hour candle closes above the upper boundary of the pullback area (>2666.11).
  • Apply a risk-to-reward ratio of at least 1:1.

For Buy Positions:

  • Use the support area as the pullback zone. If the 1-hour candle closes within the support area, consider taking a buy position.
  • Stop Loss: Exit if the 1-hour candle closes below the lower boundary of the pullback area (<2604.72).
  • Apply a risk-to-reward ratio of at least 1:1.

Always implement sound money management practices to ensure healthy trading habits and remain vigilant against fake breakout candles.

I hope this analysis serves as a valuable reference for your market decisions.

Happy Trading, everyone!

Share:

List Country Support 100% Rebate XM

Vietnam, Timor-Leste, Thailand, Taiwan, Sri Lanka, South Korea, Singapore, Philippines, Papua New Guinea, Nepal, Maldives , Malaysia, Macau, Laos, Indonesia, India, Hong Kong, Cambodia, Brunei, Bhutan, Bangladesh



Download Platforms

(MetaTrader for PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android and Tablet)


Popular Posts