Happy Friday once more Gold traders and speculators all over the world.

This is my third analysis on the Yellow metal.

Yesterday’s trade result nearly stopped out but still closed in profit:

https://www.finlogix.com/analysis/20240201/gold-intraday-analysis-and-trading-plan-for-february-1-2024

I am now 2 for 2 and will set another trade entry for the intraday’s remainder session that can be extended next week.

We still have few hours left for the Non-Farm Employment figures to come out. Consider this a pre-NFP Gold analysis as well.

The US dollar rallied strongly after the FOMC statement and Fed Interest rates results. However, sold off strongly as well giving back its gains.

Remember that Gold is one of the best safe-haven assets in hedging against the Greenback and still holding its 5-day bullish streak.

My personal prediction is a lower than expected NFP results and I continue to buy Gold.

At time of writing this, XAUUSD’s price is exchanging hands back in the external highs’ range.

A solid price action yesterday which Gold has printed a fresh 27-day high after backtested the 2030 support level twice!

Both the two 4H FVGs I’ve drawn now acting as immediate supports and a new 4H bullish gap emerged yesterday similar with my EURUSD analysis.

My trade plan’s PD (Premium and Discount) arrays are yesterday’s swing high and low by setting a buy order on the 50% Fib retracement as the entry.

This aims the 1.618 Fib extension as my take profit exit while setting up the stop loss on backtested supports that might nullify the uptrend if it won’t hold the third time.

A total of 2.30 RR score. We’ll find out.

To finish the analysis, let’s recap Gold’s high timeframe candlestick patterns:

Yearly Candle: Last Check was a Red Long Lower Shadow now a Semi Red Doji

Monthly Candle: Last Check was a Red Long Lower Shadow now a Small Green Spinning Top

Weekly Candle: Last Check was a Green Shaven Bottom now a Large Green Body Shaven Bottom

Daily Candle (Previous Close): Green Body With Equal Head and Tail Wicks

All the high timeframes mentioned above are still bullish supporting Gold’s continued uptrend.

Gold Intraday Analysis and Trading Plan For February 2, 2024

Feb 02 2024

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