Technical Analysis for Gold Spot/USD (1-Hour Chart)

19 gru 2024

Current Market Overview
Current Price: $2,618.80
Trend: Bearish, with a significant downtrend after rejection from the $2,730 zone. However, a recent bounce near the NY Midnight Open ($2,610.32) suggests a potential short-term reversal.
Key Levels to Watch:
Resistance Levels: $2,640, $2,660, $2,686, and $2,700
Support Levels: $2,610, $2,580, $2,560
Bullish Scenario
Technical Factors
Price Action:

The price has rebounded from $2,610, a critical support level, forming a higher low on the shorter timeframes.
Green delta volumes near $2,610 suggest buying activity, supporting the recent bounce.
Indicators:

The pink EMA cloud is still bearish, but a sustained close above $2,620 will indicate a potential shift in momentum.
The buying delta volume dominance (89.39%) signals bullish interest at current levels.
Upside Potential:

If buyers sustain above $2,620, the next resistance levels are $2,640 and $2,660.
A breakout above $2,660 could lead to further upside toward $2,686 and $2,700.
Probable Entry Points
Entry:
Aggressive Entry: Near $2,620 if bullish candles confirm strength (e.g., bullish engulfing).
Confirmed Entry: Break and close above $2,640 with volume.
Take-Profit Targets
Short-term TP1: $2,640 (nearest resistance).
TP2: $2,660 (key resistance with heavy sell-side activity).
Extended TP3: $2,686 (next major resistance level).
Stop-Loss
Place SL below $2,610 to limit downside risk.
Bearish Scenario
Technical Factors
Price Action:

The price is still below the pink EMA cloud, and lower highs and lower lows dominate the larger trend.
Rejection from $2,640 or failure to hold $2,620 will confirm bearish continuation.
Volume Analysis:

Despite the current bounce, strong sell volumes persist near $2,640 and $2,660, indicating that sellers remain active.
Bearish continuation is likely below $2,610.
Support Breakdown:

A breakdown below $2,610 will open the path toward lower support zones at $2,580 and $2,560.
Probable Entry Points
Entry:
Aggressive Entry: Near $2,640 if price rejects resistance with bearish confirmation (e.g., bearish engulfing).
Confirmed Entry: Close below $2,610 with strong sell-side volume.
Take-Profit Targets
Short-term TP1: $2,580 (major support zone).
TP2: $2,560 (key demand zone).
Extended TP3: $2,540 (critical support).
Stop-Loss
Place SL above $2,640 to avoid being caught in a bullish reversal.
Summary: Trading Plan
Scenario Entry Zone Stop-Loss Take-Profit Targets
Bullish $2,620 - $2,640 Below $2,610 TP1: $2,640, TP2: $2,660, TP3: $2,686
Bearish $2,640 - $2,610 Above $2,640 TP1: $2,580, TP2: $2,560, TP3: $2,540
Conclusion
Bullish Bias: A break and close above $2,640 will shift the short-term trend bullish, targeting $2,660 and $2,686.
Bearish Bias: Rejection at $2,640 or a breakdown below $2,610 will likely push the price lower toward $2,580 and $2,560.
Recommendation: Watch price behavior around $2,640 (resistance) and $2,610 (support) for confirmation before entering a trade. Use tight stop-losses and follow volume dynamics closely to align with market momentum.