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🟡 Gold XAUUSD Daily Market Analysis 31st Oct 2024 by Kohinoor Free VIP Trading

Kohinoor Free VIP Trading Signals
Oct 31, 20243 min read

Updated: Nov 26, 2024

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 Live Market Price: $2784


📊 Intraday Signals (Gold)

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🚀 Intraday Buy Signal:

  • Trade Entry: Buy at $2782

  • Stop Loss: $2770

  • Take Profit 1: $2795

  • Take Profit 2: $2805

🔻 Intraday Sell Signal:

  • Trade Entry: Sell at $2788

  • Stop Loss: $2800

  • Take Profit 1: $2775

  • Take Profit 2: $2765

Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital. Trade at your own risk, take partial profits, and use strict stop loss and proper risk management.


🔍 Gold XAUUSD Technical Market Overview

1. Support and Resistance Levels (Daily and 4-Hour Timeframes)

  • Daily Support: $2760, $2745

  • Daily Resistance: $2800, $2825

  • 4-Hour Support: $2770, $2750

  • 4-Hour Resistance: $2795, $2810

These levels represent key zones of potential price reversals, especially when combined with other technical tools like Fibonacci and moving averages.

2. Fibonacci Retracement Levels (Daily Swing)

Using Fibonacci retracement on the daily swing high at $2825 and low at $2740, the following key levels are identified:

  • 38.2% Retracement: $2775

  • 50% Retracement: $2783

  • 61.8% Retracement: $2790

These levels align with important support/resistance zones, strengthening their significance.

3. EMA (50/100/200/400) on Daily and 4-Hour Timeframes

  • Daily EMA 50: $2778

  • Daily EMA 100: $2762

  • Daily EMA 200: $2740

  • Daily EMA 400: $2700

On the 4-hour timeframe, the EMAs are as follows:

  • 4-Hour EMA 50: $2780

  • 4-Hour EMA 100: $2765

  • 4-Hour EMA 200: $2750

  • 4-Hour EMA 400: $2725

These EMAs provide additional confluence zones for potential price reactions, especially at intraday pivot points.

4. RSI Divergence

On the 4-hour chart, the RSI (14) is showing bullish divergence, suggesting a possible upward momentum from the $2770 level. Traders should monitor this closely, especially near support areas.


5. Order Blocks and Smart Money Concepts (SMC)

Significant order blocks have formed near the $2770-$2780 region. These areas represent institutional interest and are likely zones for price rejections or breakouts. Smart Money Concepts (SMC) align with these order blocks, making them critical for intraday traders.


6. MACD

The MACD on the daily timeframe shows a slight bullish crossover, hinting at potential upward momentum. However, confirmation is needed from volume and price action before entering long trades.


💡Gold XAUUSD Daily Analysis Summary by Kohinoor Free VIP Trading

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XAUUSD

📊 Key Levels Summary:

  • Daily Support: $2760, $2745

  • Daily Resistance: $2800, $2825

  • 4-Hour Support: $2770, $2750

  • 4-Hour Resistance: $2795, $2810


EMA Levels:

  • Daily EMA 50: $2778, Daily EMA 100: $2762, Daily EMA 200: $2740, Daily EMA 400: $2700

  • 4-Hour EMA 50: $2780, 4-Hour EMA 100: $2765, 4-Hour EMA 200: $2750, 4-Hour EMA 400: $2725

Weekly and Daily Pivots:

  • Weekly Pivot: $2785, $2795, $2805

  • Daily Pivot: $2778, $2788, $2798

Fibonacci Retracement:

  • 38.2% Retracement: $2775

  • 50% Retracement: $2783

  • 61.8% Retracement: $2790

📈 Fundamental Analysis & USD News

This week, key USD events like Non-Farm Payrolls (NFP) and FOMC statement are set to significantly impact the Gold (XAUUSD) market. These high-impact news events may lead to heightened volatility, especially around support and resistance levels. Traders should stay cautious and ensure proper risk management during these events.


FAQs

1. Why is Kohinoor Free VIP Trading the best signal provider?

Kohinoor Free VIP Trading not only offers FREE signals but also provides daily market analysis, trading education, and free e books to help traders excel.

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2. Which brokers are trusted for Gold Forex Crypto trading?

Based on client feedback, here are some of the most trusted brokers:

3. How can I join Kohinoor Free VIP Trading FREE signals?

Visit www.k9investmentstrading.com/all-k9-brokers-info-summary for broker information and FREE signal access.


4. What timeframes should I use for trading Gold (XAUUSD)? The 4-hour and daily timeframes are ideal for identifying key support/resistance zones and trading using Fibonacci levels and EMAs.


5. How do I manage risk in Gold trading?

Always use strict stop losses, take partial profits, and manage risk according to market volatility.


6. Where can I learn Forex Trading?

Check out Level 1 Forex Trading Educational Videos on www.k9investmentstrading.com/level1-forex-trading-educational-videos.


7. How do I read daily pivots for Gold?

Daily pivots act as key support and resistance levels. Trade setups can be built around pivot bounces or breakouts.



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