After a stronger US Dollar from the Inflation report last Tuesday, Gold completely lost the important pyschological 2000 level.

I am now 2 wins and 2 losses for Gold after my last week’s trade plan exited in a stop loss:

https://www.finlogix.com/analysis/20240204/gold-intraday-analysis-and-trading-plan-for-february-4-2024

There’s a confirmed downtrend in Gold after the 2030 support level got flipped into a resistance through the big red candle after the CPI results came out.

A re-test on the recent 27-day high is out of the picture for now. There’s plenty of work to be done by the Gold bulls in order to reclaim the uptrend.

The Yellow Metal has a new bearish 4H FVG that has been acting as the nearest supply area. Price continues to consolidate under it.

Ignoring the recent long tail wicks of the current range, I like to setup a sell order on a possible swing low intraday/intraweek as the entry that might help push price lower.

My immediate take profit target is the December 2023 pre-breakout order blocks. This was the zone that catapulted the bullish trend of Gold that resulted a lower high last December.

The stop loss is marked inside the bearish 4H FVG for a 1.52 risk:reward score.

Re-assessing Gold’s high timeframe candles:

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

Monthly Candle: Last check was a Gravestone Doji now a Red Body

Weekly Candle: Previous close is a Red Spinning Top now a Red Body

Daily Candle: Previous close is a Red Doji now an Inverted Red Hammer

All the high timeframes are manifesting a downtrend. Zooming on the 1H and 4H charts, there’s a confirmed continuation of the trend.

Gold Intraday Analysis and Trading Plan For February 15, 2024

Feb 15 2024

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