📅 Let's get into today's analysis. I've decided to focus more on Forex analyses, and today we're analyzing gold with the main timeframe being daily. I'll be looking at the chart solely from a technical analysis perspective.

🔍 In the daily timeframe, as you can see, after breaking the 2075 resistance level, bullish momentum entered the market, and we managed to move up to the 2425 resistance level. After this sharp upward movement, the market entered a correction phase and corrected down to 2289. Currently, the price is ranging between the 0.236 Fibonacci level and the 2425 resistance. I believe that until the SMA99 reaches the price, new bullish momentum could enter the market, and you can confirm this momentum by a break above 2425. If the candle closes below the 0.236 Fibonacci level, we might move down to the Golden Zone of Fibonacci, which lies between 0.5 and 0.618.

🧩 There is also a minor trend line that the price has reacted to three times so far, which could be a key determinant for future price movements.

🧲 Regarding the SMA99, it has the property of creating significant distances when the market is trending. However, it eventually acts like a black hole, pulling the price towards it. This is happening after the rejection at 2425, and I believe the price will range until it meets the SMA99. Additionally, this SMA acts as a support and resistance level, potentially supporting the price once it reaches it and pushing the price upward.

📈 For a long position on the daily timeframe, it seems appropriate to wait for a break of the trend line and a confirmation above the 2425 area. The target for this move, based on Fibonacci extension, could be 2759. However, this target is quite high, and if the price aims to reach it, it will likely be a long-term move.

📉 For a short position, breaking below 2289 serves as a good trigger. If the price stabilizes below this level, it might move down to the area between 0.5 and 0.618 Fibonacci levels. This position is quite risky as the High Wave Cycle for gold is bullish, and this move in the Low Wave Cycle could be filled with noise.

snapshot

For shorter-term positions, it's better to look at the 4-hour timeframe. In this timeframe, we have a long-term range box and a significant support area at the 0.236 Fibonacci level on the daily chart. There’s no need to extend the analysis here; I’ll just discuss the entry triggers.

📈 For long positions, we have three different triggers. The first trigger is at 2338, which is the riskiest one with a target of 2365. The next trigger is at 2365 with a target of 2439. The final trigger is at 2439.

📉 For short positions, there's a very risky position with a trigger at 2320, and the second trigger is the break of the support area.

♟ Now, let me explain how I personally trade with each trigger. For the long trigger at 2338, I open positions in lower timeframes such as the 1-hour chart and set a small stop loss to quickly reach a risk-reward ratio of 2, which is my first target, with minimal risk. For the 2365 trigger, I open a position with normal risk and a regular stop loss size. For the 2439 trigger, I open a position with a larger stop loss because the trigger is at an all-time high (ATH) and represents a very strong supply zone. For short positions, I do not open any until the price stabilizes below the support area.

📝In summary, gold is currently in a ranging phase between the 0.236 Fibonacci level and the 2425 resistance level. Depending on the break above 2425 or below 2289, there are opportunities for long or short positions, respectively. For those trading in shorter timeframes, key entry triggers and careful risk management are essential to navigate the market effectively.

🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2.

🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
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