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Technical Analysis of GOLD - October 22, 2024

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

Let’s take a look at the 1-hour time frame Gold chart below before we begin the analysis:


We’ll analyze using Price Action (Trader Pressure) analysis. In the current market trend, 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 during price consolidation.

Looking at the candle history, we can find opportunities for a Buy entry. However, to be more objective, I will provide an analysis for both buy and sell entries.
In the chart above, we can observe that Buyer pressure (long Green candles) is gradually pushing the price upward without being effectively countered by Seller pressure (long Red candles), forming a Higher Low.
This indicates that Buyers are still dominating the formation of specific price levels. Nevertheless, Sell opportunities can still be found in this Gold commodity.

In the chart, I have identified the Resistance area through lines above the price (2744.55 – 2734.27), and for the Support area, we can see two lines below the price (2709.74 – 2700.36).

Here are my setup entry options, which can be adjusted to match your trading style:

Breakout Opportunity Setup:

  • If the 1-hour candle closes above the Upper Resistance Area (2744.55), get ready to search for the best Buy entry position.
  • If the 1-hour candle closes below the Lower Support Area (2700.36), prepare to find the best Sell entry position.
  • Set your Cut Loss if the 1-hour candle closes below the lower boundary of the resistance area (<2734.27) for Buy entries, and above the upper boundary of the support area (>2709.74) for Stop Loss on Sell entries. Ensure a minimum risk ratio of 1:1.

Pullback Setup for Sell Positions:

  • Use the resistance area for the 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 (>2744.55). Use a minimum risk ratio of 1:1 in line with your trading strategy.

Pullback Setup for Buy Positions:

  • Use the support area for the 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 (<2700.36). Use a minimum risk ratio of 1:1 in line with your trading strategy.

Always apply good money management in every entry to ensure 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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