Gold’s bullish resilience remains to seek higher record highs soon.

While I have 2 pending trade plans, I like to share a new update for Gold:

https://www.finlogix.com/analysis/20240215/gold-intraday-analysis-and-trading-plan-for-february-15-2024

https://www.finlogix.com/analysis/20240326/gold-intraday-analysis-and-trading-plan-for-march-26-2024

My overall standing is 2 wins and 2 losses.

There are 4 upcoming high-impact economic reports in the US this week starting tonight.

Re-assessing Gold’s high timeframe candles:

Yearly Candle: Last check is a Red Body now a Green Body with a Longer Tail Wick

Monthly Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Long Lower Shadow with a Medium Body

Weekly Candle: Previous close is a Green Long-Legged Semi-Doji current is a Red Long-Legged Semi-Doji

Daily Candle: Previous close is a Green Long Upper Shadow current is a Red Long Lower Shadow with a Medium Body

In today’s analysis, I will be using July 17 swing high to July 26 swing low as the retracements’ points of view.

Based on these retracements, the 4H bullish FVG indicated above became a flipped S/R area acting as a support level based on the previous flat rectangle consolidation range.

I’m focusing on the retracements’ bullish 1.618 fib extension level and if the current 4H candle holds up, my idea for another higher record high can play out.

However, it would take a massive selling to negate this bullish thesis with a need to fully retrace the mentioned 4H bullish FVG.

My bias is to the upside and my trade plan is to enter a long position at the current 4H candle’s range with a 2.0 risk:reward setup.

Here are my latest buy entries to observe:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top-tier banks via ACY Connect.

I’m giving enough room for this trade to play out.

All trade ideas I share are my views and for my trades only.

Gold Intraday Analysis and Trading Plan for August 27, 2024

Aug 27 2024

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