GOLD 1H CHART TRADING PLAN FOR THE DAY / READ CAPTIONAnalysis of the 1H Timeframe Chart for Gold (XAU/USD)
Previous Chart Review
The bearish move from the ENTRY LEVEL at 2,796 reached Take Profit 1 (TP1) at 2,778, validating the support at GOLDTURN levels AT 2,778.
GOLDTURN acted as a critical support level, rejecting lower prices and triggering a bullish rebound.
The upward move successfully achieved:
TP1: 2,798 ✅
TP2: 2,807 ✅
TP3: 2,817 ✅
Current Market Structure
Key Resistance Levels:
Supply Zone: 2,830.57 (Highs above TP3)
Bullish targets identified at:
2,837 (TP2)
2,856 (TP3) for extended upward momentum.
Support Levels:
Immediate support: GOLDTURN levels at 2,813
Additional supports:
2,803
2,793
2,783
2,774
Retracement range: 2,732–2,740
EMA Analysis:
The EMA5 (2,815.20) is a key pivot zone, indicating short-term trends:
A break and hold above 2,817 it suggests continuation of bullish momentum.
A break below it signals a possible test of support levels.
Trend Analysis:
Current candles reflect a potential pullback to the 2,813 level.
A bullish continuation above 2,817 could confirm upward momentum toward 2,837 and beyond.
A failure to hold above 2,813 may test lower GOLDTURN levels.
Trading Plan:
Bullish Strategy:
Monitor EMA5 crossing and holding above 2,817 for:
Immediate targets: 2,837, followed by 2,856.
Buy dips at support levels (2,813, 2,803, 2,793) targeting 30–40 pip gains.
Bearish Risks:
Downside triggers include:
EMA5 crossing below 2,817 leading to a test of 2,798.
Sustained moves below 2,798 may target 2,744 and 2,732–2,740.
Range Confirmation:
Await confirmation through a break and lock above/below key levels:
Bullish continuation: Above 2,837.
Bearish momentum: Below 2,813.
Long-Term Outlook
The bullish bias remains intact, with pullbacks offering opportunities to accumulate positions.
Focus remains on risk management by entering at support levels and exiting at predefined targets (20–40 pips per level).
Final Thoughts
Confidence and discipline are essential to navigate market fluctuations effectively.
This structured approach ensures traders are prepared for both bullish and bearish scenarios.
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