A trader discusses the gold market on various time frames. Looks at support and resistance levels and discusses potential sell-offs and reversals.

Analyzing Gold Prices on Different Time Frames: Opportunities for Traders

Introduction

Welcome to the live stream on New York Session, where we are going to analyze the gold prices and discuss the opportunities for traders. In this article, we will discuss the strategies that traders can use to determine the best time to enter or exit a trade based on different time frames.

Daily Time Frame

Looking at the daily time frame, we can see a Doji candle, which can be considered a write-off candle because it’s just wasting time. If we consider this candle as such, we can erase it from our thoughts. The clean range previously was sitting at 1800s, and if the current daily candle takes out the previous low, we can expect a further downward move to the previously targeted support at 1800s. As we are coming from a Supply with a lot of momentum, a break is possible. We previously talked about the demand for the price, and there is still a chance of a break of that demand. The current candle is breaking the lows of the demand to 1824.

Four Hour Time Frame

On the four-hour time frame, we were previously ranging, and then we had a range extending a bit. After the disclosure on the four-hour time frames, the candles are decreasing in size, indicating a loss of momentum towards the downside. If the candles continue to shrink, there could be a potential reversal. If the next four-hour candle closes above 1824, we could expect the next candle to continue further up to 1844 or 1843.

One Hour Time Frame

Moving to the one-hour time frame, there has been a steady sell-off. We can expect a further move up if the support holds. Using the 30-minute and 15-minute time frames, we will mark up the support and resistance.

15 Minute Time Frame

The 15-minute time frame shows a rejection zone, and if price moves up, we can expect it to end at 1836 or 1838, which would be potential targets for buyers. A closure above the zone would be better confirmation for a move up.

Conclusion

In conclusion, traders should keep an eye on the rejection zone and expect a sell if price doesn’t break through it. If there is a closure above 1828, we could expect a move up. The second tap could increase the demand from the area, which would be beneficial for traders. Traders should also look for double bottom formations and make sure that the second bottom is higher than the first one to confirm it. Traders should use these time frames and strategies to determine the best possible time to enter or exit a trade.