Happy Thursday Gold traders and speculators alike.

Today, join me as I am going to share my latest thoughts on the Yellow metal.

My analysis last Monday was a success hitting our take profit level on the two valid 4H FVGs as buy side liquidity.

https://www.finlogix.com/analysis/20240129/gold-intraday-analysis-and-trading-plan-for-january-29-2024

In the chart above, I pointed multiple bearish engulfed candles but we can see a steady and consistent uptrend that continues to develop. Too early for me to tell if there will be a change in direction to seek the sell side liquidity. However, I am cautious and keen to keep an eye on the price pullbacks as they may hint a trend reversal.

So the two 4H FVGs got disrespected after Gold printed a new swing high yesterday surpassing some of the 4H external highs on January 16, 2024. This typical move can be a sign that price might still want to go higher after sustenance on potential key pullback levels.

I am open for any pullbacks as the February candle opens. I have spotted a good buy setup on the second bearish engulfed candle group which is our long entry. Our stop loss mark is placed a little above the first bearish engulfed candles and the profit level is a projected new monthly swing high for a 2.50 risk:reward score.

1. 2 big news already came out resulting for a third scenario which I explained in the previous article. Check the link above.

2. Bullish Gold high timeframe candlestick patterns at the time of writing:

Yearly Candle: Last Check on Monday was a Red Spinning Top now a Red Long Lower Shadow

Monthly Candle (Previous Close): Red Spinning Top to Red Long Lower Shadow

Weekly Candle (Previous Close): Red Spinning Top and current is a Green Shaven Bottom

Daily Candle (Previous Close): Green Upper Shadow and current is a Green Shaven Bottom

Let’s see how this trade plan goes this time.

Gold Intraday Analysis and Trading Plan For February 1, 2024

Feb 01 2024

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