Gold Educational Analysis Update - 4 hour timeframe Update 12/01/2024
Kindly refer to the attached educational analysis above for your review.
Gold 4 hour timeframe
In our previous analysis, we identified two key zones where gold was expected to pull back before resuming its bullish trend. The first zone, ranging from 2621 to 2627, saw a strong reaction, with gold rallying 200 pips following this level.
Subsequently, price declined to our second zone between 2609 and 2615, which presented an optimal buying opportunity. This zone was supported by multiple institutional confirmations and coincided with the 62% discounted level.
Since then, gold has rallied over 700 pips, reaching the 2696 level. We remain bullish, with a target range of 2715 to 2730, anticipating an additional 300-500 pips of upside potential. However, before continuing its upward momentum, we expect a brief pullback to offer another entry opportunity before gold resumes its bullish trend.
Gold 18h timeframe
The initial zone I have identified is between the price levels of 2663 and 2680, which coincides with higher timeframe institutional order blocks as well as discounted price levels. Should price approach this area, it would be ideal to wait for a break of structure on the lower timeframes before considering an entry.
The second zone I’ve identified is between the 2630 and 2642 price levels, which also aligns with higher timeframe institutional order blocks and discounted price regions. As with the previous zone, it would be advisable to wait for a break of structure on the smaller timeframes before entering the market.
Overall, I remain bullish on gold for the first quarter of this year, anticipating continued upward momentum driven by favorable market conditions and key technical levels.