XAUUSD Technical Analysis 5th February 2024 1h chart
– Previous Weekly candle closed Bullish rejecting 2 recent Weekly Resistances (2049s) and (2063s) and forming new Weekly Support just below 2020s, Friday Daily candle closed Bearish forming Resistance at 2055s.
– One thing I find interesting on Daily timeframe is how Friday daily candle tapped into previous Daily Resistance held around 2030s then rejected and closed above it so so far the 2030s level is a strong area for gold to break below so we might see multiple rejections or potential Daily Support to be formed above 2030s.
– I’ll be looking for potential Buys above 2044.500 for price to retest the broken 1h Support at the news event held on Friday aka NFP + Unemployment Rate, at 2051.800 and to potentially see wick fill for the previous Weekly High.
– I’ll be looking for potential Sells below 2031.700 targeting 1h Strong Support (2024.700) and recent Weekly Support (2018.500).
– One thing I find interesting on Daily timeframe is how Friday daily candle tapped into previous Daily Resistance held around 2030s then rejected and closed above it so so far the 2030s level is a strong area for gold to break below so we might see multiple rejections or potential Daily Support to be formed above 2030s.
– I’ll be looking for potential Buys above 2044.500 for price to retest the broken 1h Support at the news event held on Friday aka NFP + Unemployment Rate, at 2051.800 and to potentially see wick fill for the previous Weekly High.
– I’ll be looking for potential Sells below 2031.700 targeting 1h Strong Support (2024.700) and recent Weekly Support (2018.500).