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Technical Analysis of GOLD on November 12, 2024

Technically, I see that the Gold commodity is currently at a price level worth considering for entry points. 

Let’s take a look at the 1-hour time frame Gold chart below before diving into the analysis.

We'll analyze using Price Action (Trader Pressure) analysis. The GOLD market trend still appears Bullish/Uptrend, but it’s essential to anticipate a trend reversal if the price breaks through the Support area above and during any price consolidation.

From the candle history, we can look for Buy entry opportunities, but to remain objective, I’ll present 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 countered effectively by Seller pressure (long Red candles), forming Higher Lows. This indicates that Buyers are still dominating at certain price levels. However, Sell opportunities can still be found in GOLD.

On the chart, I’ve marked the Resistance area with lines above the price (2659.82 – 2645.06) and the Support area with lines below the price (2605.35 – 2590.72).

Entry Setup Options:

These setups can be adjusted to match your trading style.

  1. Breakout Opportunity Setup:

    • If the 1-hour candle closes above the upper boundary of the Resistance Area (2659.82), prepare to look for the best Buy entry position.
    • If the 1-hour candle closes below the lower boundary of the Support Area (2590.72), prepare to look for the best Sell entry position.
    • Set Cut Loss levels as follows: For a Buy entry, if the 1-hour candle closes below the lower resistance boundary (<2645.06); for a Sell entry, if the candle closes above the upper Support boundary (>2605.35). Use a minimum 1:1 risk-to-reward ratio.
  2. Pullback Setup for Sell Position:

    • Use the Resistance area for Pullback. If the 1-hour candle closes within the pullback area, consider taking a Sell position and Cut Loss if the candle closes above the upper pullback boundary (>2659.82). Maintain a minimum 1:1 risk-to-reward ratio.
  3. Pullback Setup for Buy Position:

    • Use the Support area for Pullback. If the 1-hour candle closes within the pullback area, consider taking a Buy position and Cut Loss if the candle closes below the lower pullback boundary (<2590.72). Again, apply a minimum 1:1 risk-to-reward ratio.

Always apply good money management with every entry to support healthy trading, and remain cautious of Fake Breakout Candles. 

I hope this analysis provides valuable insight into your market analysis.

Happy Trading, everyone!

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