Daily analysis of Gold (XAUUSD) as on 24 Jun 2024

In this article, we will discuss Daily analysis of Gold (XAUUSD) as on 24 Jun 2024.

As we know, today there is no significant news for the US dollar. Usually, we see that there is always less movement in the market on Mondays. Since there is no high-impact news scheduled today, there will be very little movement in XAUUSD. Therefore, we can trade on smaller time frames and scalp easily.

In the 4-hour frame of gold, if I mark the structure, it is still clearly bullish. In the 4-hour frame, 2296-2300 is the last and strong support. Until the market breaks this support, we cannot sell gold for swing trade purposes. If in intraday we get the price in the 2296-2300 zone and get some evidence, we can initiate a buy for small profit.

In the 4-hour frame, if we plot Fibonacci retracement for the last swing, we get a 50% retracement at 2343.50, and 2343-2346 is also a structural zone in the 1-hour frame. So, if we get the price in this zone today, we can look for selling opportunities after getting some evidence for intraday purpose.

If I mark the structure in the 1-hour frame, you can see that a Change of Character (CHoCh) has formed. We know that whenever the market forms a CHoCh, we have three levels to join the current trend. According to the structure, our first level is the SBR (Support Become Resistance) level at 2329-2333. If the price reaches this zone today, we can take a sell trade after getting evidence.

According to the 1-hour frame structure, our second level is the QML (Quasimodo level) at 2343-2345. If the price reaches this zone, we can also initiate a sell. At this level, we also have the 50% Fibonacci retracement level, so this is a second confluence. Additionally, there is a Fair Value Gap (FVG) in this zone, making it a strong level for selling.

Our last selling zone is the 78.60% Fibonacci level, known as the OTE level, and the price zone is 2355-2358. If the price reaches this zone, we can also look for a sell opportunity after getting some strong evidence.

I hope this article is helpful for you to understand Daily analysis of Gold (XAUUSD) as on 24 Jun 2024.

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