Technical Analysis of GOLD on October 11, 2024

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

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

Let's analyze this using Price Action (Trader Pressure) analysis. In the market trend, Gold still appears to be in a Bullish/Uptrend, but we also need to anticipate a trend reversal if the price breaks through the Support area above or if the price consolidates.

In the candle history, we can look for Buy entry opportunities. However, to remain objective, I will provide an analysis for both buy and sell entries.

Looking at the chart above, the Buyer pressure (long green candles) gradually pushed the price higher, without being countered by significant Seller pressure (short red candles), forming a Higher Low. This indicates that Buyers are still dominating the formation of certain price levels. However, Sell opportunities may still arise in this Gold commodity.

In the chart, I identified a Resistance area through the lines above the price (2652.34 – 2645.12). For the Support area, you can see two lines below the price (2625.86 – 2618.92).

Here are my suggested setup options for entry, which you can adjust to suit your trading style:

Breakout Opportunity Setup:

• If the 1-hour candle closes above the upper boundary of the Resistance area (2652.34), be ready to look for the best Buy entry position.
• If the 1-hour candle closes below the lower boundary of the Support area (2618.92), be ready to look for the best Sell entry position.
• For a Buy entry, place a stop loss if the 1-hour candle closes below the lower boundary of the Resistance area (<2645.12). For a Sell entry, place a stop loss if the 1-hour candle closes above the upper boundary of the Support area (>2625.86). Always aim for a risk-reward ratio of at least 1:1.

Pullback Setup for Sell Position:

• Use the Resistance area for a pullback setup. If the 1-hour candle closes within the pullback area, you can take a Sell position and cut your losses if the 1-hour candle closes above the upper boundary of the pullback area (>2652.34). Use a risk-reward ratio of at least 1:1 based on your trading strategy.

Pullback Setup for Buy Position:

• Use the Support area for a pullback setup. If the 1-hour candle closes within the pullback area, you can take a Buy position and cut your losses if the 1-hour candle closes below the lower boundary of the pullback area (<2618.92). Use a risk-reward ratio of at least 1:1 based on your trading strategy.

Always use proper money management in every trade to ensure long-term trading success, and stay alert for potential Fake Breakout candles.

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

Happy Trading, everyone!

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Technical Analysis of GOLD - October 10, 2024

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

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

Let's analyze using Price Action (Trader Pressure) techniques. In the current market trend, GOLD remains in a bullish/uptrend condition. However, we must also be prepared for a trend reversal if the price breaks through the support area shown above, or if consolidation occurs.

In the candle history, we can identify opportunities for a buy entry, but to be more objective, I will present an analysis for both buy and sell entries. Looking at the chart above, the buyer's pressure (represented by long green candles) has gradually pushed the price higher without significant resistance from the sellers (represented by long red candles), forming a higher low.

This indicates that buyers still dominate the formation of certain price levels. However, sell opportunities can still be found in this GOLD commodity.

In the chart, I’ve marked the resistance area with lines above the price (2624.62 – 2618.25), and the support area can be seen with two lines below the price (2600.03 – 2593.05).

My Entry Setup Suggestions (You can adjust according to your trading style):

1. Breakout Opportunity Setup:

   • If the price on the 1-hour candle closes above the upper boundary of the resistance area (2624.62), be ready to find the best buy entry position.
   • If the price on the 1-hour candle closes below the lower boundary of the support area (2593.05), be prepared to look for the best sell entry position.
   • For a buy entry, place a stop loss if the price on the 1-hour candle closes below the lower boundary of the resistance area (<2618.25), and for a sell entry, place a stop loss if the price on the 1-hour candle closes above the upper boundary of the support area (>2600.03). Ensure to use a risk ratio of at least 1:1.

2. Pullback Setup for a Sell Position:

   • Use the resistance area as the pullback zone. If the 1-hour candle closes within the pullback area, consider taking a sell position. Cut your losses if the price on the 1-hour candle closes above the upper boundary of the pullback area (>2624.62). Maintain a minimum risk ratio of 1:1 according to your trading strategy.

3. Pullback Setup for a Buy Position:

   • Use the support area as the pullback zone. If the 1-hour candle closes within the pullback area, you can take a buy position. Cut your losses if the price on the 1-hour candle closes below the lower boundary of the pullback area (<2593.05). Use a risk ratio of at least 1:1 based on your trading approach.

Always practice good money management with every entry to ensure healthy trading and stay alert for 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 for October 9, 2024

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

Let's first take a look at the 1-Hour Time Frame chart of Gold before diving into the analysis.

Let’s analyze using Price Action (Trader Pressure). In the current trend, GOLD appears to still be in a Bullish/Uptrend state, but we must also anticipate a potential trend reversal if the price breaks through the Support area above and enters price consolidation.

Looking at the candle history, we can find opportunities for a Buy entry, but to be more objective, I'll provide analysis for both Buy and Sell entries. If we look at the chart above, the Buyer pressure (represented by long green candles) is slowly pushing the price up without being significantly countered by Seller pressure (represented by long red candles), forming a Higher Low. This indicates that Buyers are still dominating the formation of certain price levels. However, there are still opportunities to find Sell positions in GOLD.

On the chart, I have identified the Resistance area using lines above the current price (2637.65 – 2631.03), and the Support area using two lines below the current price (2613.85 – 2608.21).

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

Setup for Breakout Opportunity:

• If the 1-Hour candle closes above the Upper Boundary of the Resistance Area (2637.65), be ready to find the best Buy entry position.
• If the 1-Hour candle closes below the Lower Boundary of the Support Area (2608.21), be ready to find the best Sell entry position.
• Cut Loss if the 1-Hour candle closes below the lower boundary of the resistance area (<2631.03) for a Buy entry, and above the Upper Boundary of the Support Area (>2613.85) for a Stop Loss on a Sell entry. Ensure a minimum risk ratio of 1:1.

Setup for Pullback Opportunity (Sell Position):

• Use the Resistance area for pullback. If the 1-Hour candle closes within the pullback area, you can take a Sell position. Cut Loss if the 1-Hour candle closes above the upper boundary of the Pullback area (>2637.65). Use a minimum risk ratio of 1:1, depending on your trading style.

Setup for Pullback Opportunity (Buy Position):

• Use the Support area for pullback. If the 1-Hour candle closes within the pullback area, you can take a Buy position. Cut Loss if the 1-Hour candle closes below the lower boundary of the Pullback area (<2608.21). Use a minimum risk ratio of 1:1, depending on your trading style.

Always apply proper money management with every entry to maintain healthy trading, and stay alert to potential Fake Breakout Candles.

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

Happy Trading, everyone!

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