Gold Intraday Analysis and Trading Plan For February 15, 2024
Rafael Ken Aguilar
XAUUSD·
Feb 15 2024
1
Happy Thursday once again.
My second analyses today goes to Gold.
After a stronger US Dollar from the Inflation report last Tuesday, Gold completely lost the important pyschological 2000 level.
I am now 2 wins and 2 losses for Gold after my last week’s trade plan exited in a stop loss:
https://www.finlogix.com/analysis/20240204/gold-intraday-analysis-and-trading-plan-for-february-4-2024
There’s a confirmed downtrend in Gold after the 2030 support level got flipped into a resistance through the big red candle after the CPI results came out.
A re-test on the recent 27-day high is out of the picture for now. There’s plenty of work to be done by the Gold bulls in order to reclaim the uptrend.
The Yellow Metal has a new bearish 4H FVG that has been acting as the nearest supply area. Price continues to consolidate under it.
Ignoring the recent long tail wicks of the current range, I like to setup a sell order on a possible swing low intraday/intraweek as the entry that might help push price lower.
My immediate take profit target is the December 2023 pre-breakout order blocks. This was the zone that catapulted the bullish trend of Gold that resulted a lower high last December.
The stop loss is marked inside the bearish 4H FVG for a 1.52 risk:reward score.
Re-assessing Gold’s high timeframe candles:
Yearly Candle: Last check was a Red Long Lower Shadow now Red Body
Monthly Candle: Last check was a Gravestone Doji now a Red Body
Weekly Candle: Previous close is a Red Spinning Top now a Red Body
Daily Candle: Previous close is a Red Doji now an Inverted Red Hammer
All the high timeframes are manifesting a downtrend. Zooming on the 1H and 4H charts, there’s a confirmed continuation of the trend.
Good luck on this one.
Trading involves risk.