Gold Market Analysis Report
Date: January 9, 2025,
Prepared by: Patrick MontesDeOca
Target Audience: Gold Market Analysts, Traders, and Investors
Refined Trading Strategy for Gold Futures (/GC)
1. Key Levels to Watch
- Sell 2 Weekly: $2805.1
- Sell 1 Weekly: $2758
- VC PMI Daily (Pivot): $2712
- Buy 1 Weekly: $2648
- Buy 2 Weekly: $2582
- Fibonacci Levels:
- 61.8% Retracement: $2716.7 (currently acting as resistance).
- 50% Retracement: $2692 (pivot zone aligning with VC PMI Weekly).
2. Bullish Scenario
- Trigger: If price breaks and sustains above $2738 (Sell 1 Daily level):
- Initial target: $2758 (Sell 1 Weekly).
- Extended target: $2805.1 (Sell 2 Weekly).
- Stop-Loss: Place a stop-loss below $2712 (VC PMI Daily pivot).
- Confirmation Signal: Look for increasing volume and a MACD bullish crossover to support the move.
3. Bearish Scenario
- Trigger: If price breaks and sustains below $2690 (Buy 1 Daily level):
- Initial target: $2672 (Buy 2 Daily level).
- Extended target: $2648 (Buy 1 Weekly).
- Stop-Loss: Place a stop-loss above $2712 (VC PMI Daily pivot).
- Confirmation Signal: Ensure MACD remains bearish (MACD line below the signal line) and volume spikes on the downside.
4. Neutral / Consolidation Zone
- Price between $2690 and $2738 is the consolidation zone.
- Avoid taking major positions until price breaks out of this range with strong momentum and volume.
5. Volume Analysis
- Watch for volume spikes near key levels (e.g., $2692 or $2738).
- Higher volume on breakouts signals strength and conviction in the move.
Updated Trade Plans
- Long Trade:
- Entry: Above $2738.
- Targets: $2758, $2805.1.
- Stop-Loss: Below $2712.
- Short Trade:
- Entry: Below $2690.
- Targets: $2672, $2648.
- Stop-Loss: Above $2712.
- Scalping Opportunity:
- For quick trades, use the 50% retracement level ($2692) as an intraday pivot:
- Buy near $2692 with targets of $2712 or higher.
- Sell near $2712 with targets of $2692 or lower.
- For quick trades, use the 50% retracement level ($2692) as an intraday pivot:
Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed herein constitutes a solicitation of the purchase or sale of any futures or options contracts. It is for educational purposes only.