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💬 WhatsApp K9 Investments Trading here for FREE Gold Forex Live Trade Setups & Market Analysis.
Current Market Overview
As of the latest market update, Gold (XAUUSD) is trading at $2640 USD. Given the current price level, we present two actionable intraday trading setups:
Buy Setup: If XAUUSD retraces to $2620, consider entering a long position with a target of $2660 and a stop loss at $2610.
Sell Setup: If XAUUSD approaches $2650, a short position could be initiated with a target of $2630 and a stop loss at $2660.
Comprehensive Market Analysis
Support and Resistance Levels
In our analysis of the daily and 4-hour timeframes, we identify critical support and resistance levels that can guide trading strategies:
Daily Support Levels: $2620, $2600, $2580
Daily Resistance Levels: $2660, $2680, $2700
Fibonacci Retracement Levels
Using Fibonacci retracement levels based on the recent swing high and low, we can identify potential reversal points:
Daily Swing Levels:
23.6%: $2650
38.2%: $2630
61.8%: $2600
Exponential Moving Averages (EMA)
The following EMA levels are crucial for understanding market trends:
Daily Time Frame:
EMA 50: $2635
EMA 100: $2615
EMA 200: $2590
EMA 400: $2575
4-Hour Time Frame:
EMA 50: $2640
EMA 100: $2630
EMA 200: $2620
EMA 400: $2610
RSI Divergence
The Relative Strength Index (RSI) is currently showing signs of divergence, which may indicate potential reversals in the price movement. Traders should monitor the RSI closely for further signals.
Order Blocks
Identifying order blocks on the daily and 4-hour charts will help in understanding where institutional buyers and sellers may be active. Look for areas around $2620 and $2650 as potential zones of interest.
MACD Analysis
The MACD indicator is currently in a bullish crossover, suggesting upward momentum. However, traders should remain cautious and look for confirmation before entering positions.
Fundamental Analysis and Upcoming USD News
Upcoming economic events can significantly impact the Gold market. Key USD news to watch for includes:
Non-Farm Payrolls Report: Scheduled for January 10, 2025, this report can influence market sentiment and Gold prices.
CPI Data Release: Expected later in January, inflation data will provide insights into the economic outlook and may affect Gold as a hedge against inflation.
Summary of Key Levels
💡 Gold XAUUSD Daily Analysis Summary by K9 Investments Trading – Join us here 🥇 FREE Telegram Channel: @K9_Investments_GoldTrading
Key Levels:
Daily Support and Resistance:
Support: $2620, $2600, $2580
Resistance: $2660, $2680, $2700
Exponential Moving Average (EMA) Levels:
Daily: 50 EMA: $2635, 100 EMA: $2615, 200 EMA: $2590, 400 EMA: $2575
4-Hour: 50 EMA: $2640, 100 EMA: $2630, 200 EMA: $2620, 400 EMA: $2610
Weekly Pivots:
Pivot 1: $2645
Pivot 2: $2635
Pivot 3: $2625
Daily Pivots:
Pivot 1: $2640
Pivot 2: $2630
Pivot 3: $2620
Fibonacci Retracement Levels:
23.6%: $2650
38.2%: $2630
61.8%: $2600
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Trading Forex and CFDs carries a high level of risk to your capital. Always trade with money you can afford to lose.
Disclaimer
Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss and Proper Risk Management.
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