On December 4th, Gold achieved a new All-Time High (ATH) by reaching a price of $2,135.5. Indeed, experts anticipate that Gold is likely to reach another ATH of £2,200 in 2024, providing long-term trading insight.
For short-term trading considerations, a daily Fair Value Gap (FVG) was established on December 15th. On the same date, there is a clear indication of the price tapping into the daily FVG, creating engineered liquidity by institutions. In my perspective, the price is expected to clear liquidity before the bullish trend resumes.
On January 5th, 2024, the price entered the daily FVG at the discounted region in an attempt to clear the liquidity created in the FVG, but this attempt was unsuccessful. On that day, we witnessed a price rally but faced a sharp rejection at a price of £2,064.5.
In my opinion, considering the overall bullish trend of Gold on high time frames, I am bullish on Gold in January. However, I will only enter a trade when the liquidity created in the daily FVG on December 15th at the support level of $2,016.01 is successfully cleared.
Alternatively, you may consider taking a risk trade, but with a tight Stop Loss (SL), if the price breaks the $2,065.22 resistance level (i.e., where the price was rejected on January 5th).
It is important to note that this is my opinion and analysis based on my experience and understanding of the financial market. I am not a financial adviser, and this chart analysis is for educational purposes. Please DYA as well. See less
For short-term trading considerations, a daily Fair Value Gap (FVG) was established on December 15th. On the same date, there is a clear indication of the price tapping into the daily FVG, creating engineered liquidity by institutions. In my perspective, the price is expected to clear liquidity before the bullish trend resumes.
On January 5th, 2024, the price entered the daily FVG at the discounted region in an attempt to clear the liquidity created in the FVG, but this attempt was unsuccessful. On that day, we witnessed a price rally but faced a sharp rejection at a price of £2,064.5.
In my opinion, considering the overall bullish trend of Gold on high time frames, I am bullish on Gold in January. However, I will only enter a trade when the liquidity created in the daily FVG on December 15th at the support level of $2,016.01 is successfully cleared.
Alternatively, you may consider taking a risk trade, but with a tight Stop Loss (SL), if the price breaks the $2,065.22 resistance level (i.e., where the price was rejected on January 5th).
It is important to note that this is my opinion and analysis based on my experience and understanding of the financial market. I am not a financial adviser, and this chart analysis is for educational purposes. Please DYA as well. See less