From a technical perspective, I see that Gold has reached a price level worth considering for potential entry points.
Price Action Analysis (Trader Pressure)
In the current market trend, Gold remains in a Bullish/Uptrend condition. However, we must also anticipate a potential trend reversal if the price breaks below the support area, as well as possible price consolidation.
From the candlestick history, we can identify buying opportunities, but to remain objective, I will present an analysis for both buy and sell entries.
- Resistance Area: 2920.33 – 2911.49
- Support Area: 2885.58 – 2876.75
Entry Setup Options
Breakout Opportunity Setup
- Buy Entry: If the 1-hour candle closes above the upper resistance boundary (2920.33), look for the best buy entry.
- Sell Entry: If the 1-hour candle closes below the lower support boundary (2876.75), prepare for a sell entry.
- Cut Loss:
- For Buy Entry, set a stop loss if the 1-hour candle closes below 2911.49.
- For Sell Entry, set a stop loss if the 1-hour candle closes above 2885.58.
- Risk-Reward Ratio: Maintain a minimum 1:1 risk-reward ratio.
Pullback Setup for Sell Entry
- Pullback Area: Resistance zone (2920.33 – 2911.49).
- If the 1-hour candle closes within the pullback area, a Sell position can be considered.
- Stop Loss: If the 1-hour candle closes above 2920.33, exit the sell position.
- Risk-Reward Ratio: Minimum 1:1, adjust to your trading strategy.
Pullback Setup for Buy Entry
- Pullback Area: Support zone (2885.58 – 2876.75).
- If the 1-hour candle closes within the pullback area, a Buy position can be considered.
- Stop Loss: If the 1-hour candle closes below 2876.75, exit the buy position.
- Risk-Reward Ratio: Minimum 1:1, adjust to your trading strategy.
Happy Trading! 🚀