GOLD DAILY CHART MID/LONG TERM UPDATEGOLD Daily Chart Update: Precision Analysis for Confident Trading (10th Feb 2024)
Hello Traders,
Here’s the latest update on the GOLD daily chart that we’ve been meticulously tracking and trading. Below, we provide an enhanced breakdown of recent movements, updated key levels, and actionable insights for the days ahead.
Recap of Recent Success in our previous chart:
Our recent analysis delivered remarkable accuracy:
* ENTRY LEVEL 2744: ✅ DONE
* TARGET TP1 (2807): ✅ DONE
* TARGET TP2 (2870): ✅ DONE
* EMA5 crossed and held above both Entry Level (2744) and TP1 (2807), confirming bullish momentum toward TP2 (2870). ✅ DONE
* The FVG zone at 2790 acted as strong support, facilitating upward momentum. ✅ DONE
* EMA5 correction at 2839 was completed successfully. ✅ DONE
* GOLD achieved a new ATH at 2886 after hitting TP2 (2870). ✅DONE
What’s Next for GOLD?
The price is now oscillating between critical weighted levels, with gaps both above and below 2870.
Key Levels to Watch:
Resistance Level: 2870
* A daily candle close above 2870 will confirm bullish momentum, with potential targets toward higher levels.
* Failure to close above this level may trigger a short-term reversal.
EMA5 Behavior:
* Or If EMA5 crosses and locks above 2870, it strengthens the bullish case.
* If EMA5 fails to hold, expect a pullback to key GOLDTURN levels.
Updated Support Levels (GOLDTURN Zones):
2801
2744
2671
2595
Key Scenarios:
* A bullish scenario could see the price retesting 2870 as resistance before pushing higher.
* A bearish scenario may unfold if the price fails to sustain above 2870, leading to a retest of
Recommendations:
* Capitalize on Dip Opportunities: Use smaller timeframes (1H, 4H) to trade around GOLDTURN levels, targeting 30–40 pips per trade.
* Stay focused on shorter trades in this range-bound market to manage volatility effectively.
Long-Term Bias:
Maintain a bullish outlook while viewing pullbacks as buying opportunities.
Accumulate positions near key support levels for a safer approach instead of chasing highs.
Final Note:
Trade with confidence and precision. Our analysis ensures you’re well-prepared to navigate the evolving market landscape. Stay updated with our daily insights across multiple timeframes for deeper clarity.
Thank you for your continued trust! Don’t forget to like, share, and comment to support our work.
Best regards,
The Quantum Trading Mastery Team
