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Technical Analysis of GOLD – February 4, 2025

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 Gold chart before proceeding with the analysis:

Price Action Analysis (Trader Pressure Analysis)

Currently, Gold is still in a Bullish/Uptrend. However, we must also anticipate a potential trend reversal if the price breaks below the support area or enters a consolidation phase.

Looking at historical candlestick patterns, we can identify potential buy opportunities, but for a more objective approach, I will provide an analysis for both buy and sell entries.

From the chart, we can see that buyer pressure (long green candles) has been gradually pushing the price higher, with minimal resistance from seller pressure (shorter red candles), forming a higher low structure. This indicates that buyers are still dominating certain price levels. However, there are still opportunities to look for sell setups in Gold.

On the chart, I have identified resistance levels around 2833.43 – 2825.28, while the support levels are located at 2800.48 – 2791.25.

Entry Setup Recommendations

Here are my suggested entry setups, which can be adjusted according to your trading style:

Breakout Opportunity Setup:

  • If the 1-hour candle closes above the resistance area (2833.43), prepare to enter a buy position.
  • If the 1-hour candle closes below the support area (2791.25), prepare to enter a sell position.
  • Cut loss if the 1-hour candle closes below 2825.28 for buy entries and above 2800.48 for sell entries. Maintain a minimum risk-reward ratio of 1:1.

Pullback Setup for Sell Positions:

  • Use the resistance area as a pullback zone. If the 1-hour candle closes within the pullback area, you may consider a sell position.
  • Cut loss if the 1-hour candle closes above 2833.43. Maintain a minimum risk-reward ratio of 1:1.

Pullback Setup for Buy Positions:

  • Use the support area as a pullback zone. If the 1-hour candle closes within the pullback area, you may consider a buy position.
  • Cut loss if the 1-hour candle closes below 2791.25. Maintain a minimum risk-reward ratio of 1:1.

Always apply proper money management for sustainable trading and be cautious of fake breakout candles.

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

Happy Trading!

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