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

18 dic 2024

Current Market Overview
Current Price: $2,646.34
Market Trend: Bearish with a range-bound consolidation phase after a strong decline.
Key Support and Resistance Levels:
Resistance: $2,646.34 (current zone), $2,692.50, and $2,725.84
Support: $2,632.71, $2,613.26, and $2,602.79
Bullish Scenario
Technical Factors
Price Action:

Price is stabilizing above $2,632.71, a key support level, with a small bounce attempting to hold around the current range near $2,646.
Multiple rejection wicks below $2,640 signal buyers defending this region.
Volume Profile:

The green delta volume spike near $2,632.71 (41.54K volume) suggests buyers stepped in at this support.
Indicators:

The pink EMA cloud still indicates bearish pressure, but it is flattening, suggesting the bearish momentum is losing steam.
A close above the bearish cloud and price sustaining above $2,646 could signal a reversal.
Support Zone:

Strong buying demand is seen between $2,632.71 and $2,613.26.
Probable Entry Points
Entry:
Early Entry: Near $2,640 to $2,646 once price consolidates and shows bullish candle formations (hammer, engulfing).
Confirmed Entry: Break and close above $2,652 with strong volume.
Take-Profit Targets
Short-term TP1: $2,660 (recent minor resistance).
TP2: $2,692.50 (15% delta volume zone).
Extended TP3: $2,725.84 (higher resistance and key supply zone).
Stop-Loss
Place SL below $2,632 to protect against further downside.
Bearish Scenario
Technical Factors
Price Action:

Price remains under pressure below the pink EMA cloud and has struggled to close above it since December 16th.
Lower highs continue to form, confirming bearish structure.
Volume Analysis:

Strong selling pressure is evident near $2,646.34, shown by red bearish delta volumes.
Sell zones around $2,646 to $2,660 are seeing repeated rejections.
Resistance Zone:

$2,646 to $2,652 acts as immediate resistance, and failure to break above this level could trigger further selling.
Bearish Continuation Signal:

A close below $2,632.71 will confirm bearish continuation to lower support zones.
Probable Entry Points
Entry:
Aggressive Entry: Near $2,646 (sell at rejection or bearish engulfing candles).
Confirmed Entry: Breakdown and close below $2,632.71.
Take-Profit Targets
Short-term TP1: $2,632.71 (immediate support).
TP2: $2,613.26 (key support zone).
Extended TP3: $2,602.79 (final strong support and green demand zone).
Stop-Loss
Place SL above $2,652 or $2,660 to protect against a bullish reversal.
Summary: Trading Plan
Scenario Entry Zone Stop-Loss Take-Profit Targets
Bullish $2,640 - $2,646 Below $2,632 TP1: $2,660, TP2: $2,692, TP3: $2,725
Bearish $2,646 - $2,652 Above $2,660 TP1: $2,632, TP2: $2,613, TP3: $2,602
Conclusion
Bullish Bias: If price closes above $2,652 with strong volume, expect a move toward $2,692 and higher.
Bearish Bias: A rejection at $2,646 - $2,652 or a breakdown below $2,632.71 will likely push prices toward $2,613.26 - $2,602.79.
Recommendation: Watch price behavior at $2,646 and $2,632.71 for confirmation. Use proper risk management and wait for clear breakouts or rejections.