Happy Sunday once more Gold traders and speculators.

This is my fourth analysis on the Yellow metal.

Last Friday’s trade triggered our stop loss:

https://www.finlogix.com/analysis/20240202/gold-intraday-analysis-and-trading-plan-for-february-2-2024

I am now 2 for 3 and sets a new one for pre-market opening tomorrow.

The previous Non-Farm Employment figures came out in favor of US dollar strength. The Greenback finished the trading week strongly!

For the coming week, there are two major news to keep an eye on:

2. Another set of Unemployment Claims Figures

So there will back-to-back speeches and figures thus another volatility expected to strike on the markets.

Back to my previous Gold analysis, my bias went totally wrong. We adjust this time. It seems the Gold strong moving up is done and we proceed sideways.

The upper $2050-2060 price range was shortlived. We got a nasty big bearish 4H candle on Friday but fortunately the $2030 backtested thrice already and price bounced off returning to the $2040.

After this price action, both the previous and newly established 4H FVGs act as key resistances. The outcome of the coming two major news will decide Gold’s next move.

However, I will maintain a bullish tone for the Gold.

Should price rejects mid point levels of the mentioned 4H FVGs, the backtested $2030 support will eventually breaks down and price drops seeking sell-side liquidity.

A probable lower swing low in the first bearish engulfed candle group’s range is my long entry with a strict stop loss at flat $2000 psychological level.

Having a 2.0 risk to reward score targeting $2045 as take profit.

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

Monthly Candle: Last check was a Small Green Spinning Top now a Gravestone Doji

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

Daily Candle (Previous Close): Red Body With A Long Tail Wick

Gold Intraday Analysis and Trading Plan For February 4, 2024

Feb 04 2024

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