Technical Analysis of GOLD – November 27, 2024

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

Let’s first review the 1-Hour Time Frame Gold chart before diving into the analysis:

Price Action Analysis (Trader's Pressure)

In the current market trend, Gold remains in a Bullish/Uptrend condition. However, we should also anticipate a potential trend reversal if the price breaks through the Support area or enters a consolidation phase.

Key Observations:

• Historical candlestick patterns suggest opportunities for Buy entries.
• The chart indicates that Buyer pressure (long green candles) is gradually pushing the price upward, overpowering Seller pressure (short red candles), and forming Higher Lows.
• This dominance by Buyers indicates their control over key price levels.
• However, Sell opportunities may still arise in Gold.

Key Levels:

• Resistance Area: 2662.43 – 2646.15
• Support Area: 2609.15 – 2595.09

Suggested Entry Setups

Below are my entry setups. Adjust them according to your trading style.

1. Breakout Opportunity Setup

• Buy Setup:
  If the price closes above the upper Resistance boundary (2662.43) on a 1-Hour candle, prepare for a Buy entry.

  • Stop Loss: Place below 2646.15 (lower Resistance boundary).
  • Risk-Reward Ratio: Maintain at least 1:1.

• Sell Setup:
  If the price closes below the lower Support boundary (2595.09) on a 1-Hour candle, prepare for a Sell entry.

  • Stop Loss: Place above 2609.15 (upper Support boundary).
  • Risk-Reward Ratio: Maintain at least 1:1.

2. Pullback Opportunity Setup

• Sell Setup:
  Utilize the Resistance area as a pullback zone. If the price closes within this area on a 1-Hour candle, consider a Sell entry.

  • Stop Loss: Place above 2662.43 (upper Resistance boundary).
  • Risk-Reward Ratio: Maintain at least 1:1.

• Buy Setup:
  Utilize the Support area as a pullback zone. If the price closes within this area on a 1-Hour candle, consider a Buy entry.

  • Stop Loss: Place below 2595.09 (lower Support boundary).
  • Risk-Reward Ratio: Maintain at least 1:1.

Important Reminders

• Always use proper money management for sustainable trading.
• Be cautious of Fake Breakout candles.

I hope this analysis serves as a helpful reference for your market trading.

Happy Trading, everyone!

Share: