Technical Analysis of Gold Spot (XAU/USD) - 1H Chart

3 Dis 2024

This chart depicts a consolidation phase with price action fluctuating between support and resistance levels. The market currently trades within a range, with key levels providing opportunities for both bullish and bearish scenarios.

Key Observations
Trend Overview:

Gold remains in a sideways consolidation phase, trading between the $2,620–$2,662 range.
The price attempted to test the resistance near $2,662 but faced rejection, suggesting sellers are active at higher levels.

Support Levels:

$2,620–$2,622: A critical short-term support zone, marked by the presence of a Buy Side Order Block.
$2,602–$2,605: Next major support zone if price breaks below the immediate support.
$2,585–$2,590: A strong demand area and a potential target for a bearish move.

Resistance Levels:

$2,662–$2,665: Immediate resistance zone where sellers dominate, reinforced by liquidity voids.
$2,711–$2,715: Major resistance zone and an extended target for a bullish breakout.

Volume Analysis:

Sell Volume (203.25K): High sell-side activity suggests resistance near $2,662.
Buy Volume (2.567M): Buyers are stepping in near the $2,620–$2,622 support zone to prevent further downside.

Key Levels:

NY Midnight Open: Positioned at $2,640.31, acting as an intraday pivot level.

Bullish Scenario
Conditions for a Bullish Move:

Price must hold above the support at $2,620 and break above the resistance at $2,662.
Sustained buying momentum could target higher levels at the top of the range.
Entry Points:

Aggressive Entry: Buy near $2,620–$2,622, with a stop-loss below $2,610.
Conservative Entry: Enter on a breakout above $2,662, with a stop-loss below $2,650, targeting higher levels.
Exit Points (Take Profit):

First Target: $2,662–$2,665 (liquidity void resistance).
Second Target: $2,711–$2,715 (major resistance zone).

Invalidation:

A breakdown below $2,610 would invalidate the bullish scenario.

Bearish Scenario
Conditions for a Bearish Move:

Price fails to break above $2,662 or rejects near this level.
A breakdown below $2,620 would signal bearish continuation.

Entry Points:

Aggressive Entry: Short near $2,662, with a stop-loss above $2,670.
Conservative Entry: Enter short after a confirmed breakdown below $2,620, with a stop-loss above $2,630.

Exit Points (Take Profit):

First Target: $2,605 (next support level).
Second Target: $2,585–$2,590 (key demand zone).

Invalidation:

A breakout above $2,670 would invalidate the bearish setup.
Key Indicators to Monitor
Volume Analysis:

Increasing buy volume near $2,620 strengthens the bullish case.
Heavy sell volume near $2,662 would support the bearish outlook.
Breakout Levels:

A breakout above $2,662 signals bullish momentum, while a breakdown below $2,620 indicates bearish continuation.

Order Blocks:

The Buy Side Order Block near $2,620 is critical for maintaining bullish support. If price closes below this level, expect further downside.

Summary of Probable Entry & Exit Points
Scenario Entry Zone Stop-Loss Target Levels
Bullish $2,620–$2,622 (Aggressive) or above $2,662 (Conservative) $2,610 $2,662, $2,711
Bearish $2,662 (Aggressive) or below $2,620 (Conservative) $2,670 $2,605, $2,585

Conclusion
Bullish Outlook: If price holds above $2,620 and breaks above $2,662, expect a move toward $2,711.
Bearish Outlook: A rejection at $2,662 or a breakdown below $2,620 could lead to declines toward $2,605 or lower.
Traders should watch for a breakout or breakdown of the range to confirm the next major move while managing risk with appropriate stop-loss placements.