100% Rebate XM automatic Transfer to Your MyWallet Account everyday! , The Biggest XM Cashback Rebate in the World..!

Select you Language

List Country Support 100% Rebate XM



XM Singapore XM Indonesia XM Brunei XM Malaysia XM Vietname XM Thailand XM Philippines XM Sri Lanka XM Laos XM Cambodia
XM Timor-Leste XM Papua New Guinea XM India XM Bangladesh XM Taiwan XM Macau XM Hong Kong XM Nepal XM South Korea XM Maldives XM Bhutan


Technical Analysis of GOLD - December 9, 2024

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

Let's take a look at the 1-hour timeframe chart below before diving into the analysis:

Price Action Analysis (Trader Pressure)

In the current market trend, Gold remains in a Bullish/Uptrend condition. However, we must also anticipate a trend reversal if the price breaks below the identified support areas or consolidates.

Analyzing the candlestick history, there are opportunities to look for Buy entries, but for objectivity, I'll present an analysis for both Buy and Sell entries.

From the chart, we can see that buyer pressure (indicated by the length of green candles) has been gradually pushing the price upward, with minimal resistance from seller pressure (red candles). This has resulted in the formation of Higher Lows, indicating that buyers continue to dominate at certain price levels.

Despite the bullish dominance, there are still potential Sell opportunities in Gold. I've identified the following key levels:

  • Resistance Area: 2657.03 – 2652.00
  • Support Area: 2638.43 – 2633.62

Suggested Entry Setups

Here are my proposed setups that you can adapt to your trading style:

1. Breakout Opportunity

  • Buy Setup:
    If the price closes above the upper boundary of the Resistance Area (2657.03) on the 1-hour candle, prepare to look for the best Buy entry.
  • Sell Setup:
    If the price closes below the lower boundary of the Support Area (2633.62) on the 1-hour candle, prepare to look for the best Sell entry.
  • Stop Loss (Cut Loss):
    • For Buy entries, set a stop loss if the price closes below the lower boundary of the resistance area (<2652.00).
    • For Sell entries, set a stop loss if the price closes above the upper boundary of the support area (>2638.43).
  • Always use a minimum risk-reward ratio of 1:1.

2. Pullback Opportunity

  • Sell Setup:
    Use the resistance area as the pullback zone. If the price closes within the resistance area on the 1-hour candle, consider taking a Sell position.
    • Stop Loss: Set it above the upper boundary of the pullback area (>2657.03).
    • Use a minimum risk-reward ratio of 1:1.
  • Buy Setup:
    Use the support area as the pullback zone. If the price closes within the support area on the 1-hour candle, consider taking a Buy position.
    • Stop Loss: Set it below the lower boundary of the pullback area (<2633.62).
    • Use a minimum risk-reward ratio of 1:1.

Always implement proper money management in every trade to maintain healthy trading habits. Be cautious of Fake Breakout Candles that may mislead entry decisions.

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

Happy Trading, everyone!

Share:

List Country Support 100% Rebate XM

Vietnam, Timor-Leste, Thailand, Taiwan, Sri Lanka, South Korea, Singapore, Philippines, Papua New Guinea, Nepal, Maldives , Malaysia, Macau, Laos, Indonesia, India, Hong Kong, Cambodia, Brunei, Bhutan, Bangladesh



Download Platforms

(MetaTrader for PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android and Tablet)


Popular Posts