Gold Futures (COMEX) - 1H Chart Technical Analysis1. Price Action & Trend Analysis
The current price is $2,917.7, showing a slight decline of -0.02%.
The chart reflects a sideways consolidation phase, as seen within the highlighted blue rectangular range.
A support zone is forming around $2,900 - $2,910, while resistance appears near $2,930 - $2,940.
There are two possible price projections:
Bullish Scenario (Red Projection): If price sustains above the Point of Control (POC: $2,927.8), it could move upwards toward $2,950 - $2,980.
Bearish Scenario (Blue Projection): If price fails to hold $2,910, further downside toward $2,870 - $2,850 is likely.
2. Volume Profile & Point of Control (POC)
POC: $2,927.8 is the area with the highest traded volume, acting as a key resistance level.
Volume Analysis:
Last 60 bars show up volume (295.541K) < down volume (243.149K), suggesting bearish dominance with 15.47% more selling pressure.
If price remains below POC, a bearish breakdown is possible.
3. Support & Resistance Levels
Immediate Resistance: $2,927 - $2,930 (POC level)
Next Resistance: $2,950 - $2,980 (Projected upside)
Immediate Support: $2,910 - $2,900 (Lower range)
Key Support Zone: $2,870 - $2,850 (Bearish target if breakdown occurs)
4. Trend Channels & Market Structure
Two projected channels are present:
Bullish Channel (Red) suggests an upward breakout could lead to $2,950 - $2,980.
Bearish Channel (Blue) shows a breakdown could target $2,870 - $2,850.
5. Trading Strategy Suggestions
Bullish Bias:
A breakout above $2,930 - $2,940 could push price toward $2,950 - $2,980.
Buy if price sustains above POC ($2,927.8) with a stop-loss below $2,910.
Bearish Bias:
A breakdown below $2,910 could trigger a drop to $2,870 - $2,850.
Sell if price fails at $2,927.8 and breaks below $2,910, with a stop-loss above $2,930.
Conclusion
POC ($2,927.8) is the key level to watch for direction.
If price stays below POC, expect further bearish movement.
A breakout above $2,930 could trigger bullish continuation.
The volume analysis favors bears slightly, but confirmation is needed.
Gold Futures (COMEX) - 1H Trade Setup & Risk Management
Since the market is in consolidation near the Point of Control (POC: $2,927.8), we will set up both bullish and bearish trade scenarios based on price action.
📈 Bullish Trade Setup (Breakout Above $2,930 - $2,940)
Entry:
Buy above $2,932 - $2,935 (Confirmation of breakout & retest).
Wait for a strong candle close above resistance ($2,930) with increasing volume.
Target Levels:
Target 1: $2,950
Target 2: $2,970
Target 3: $2,980
Stop-Loss:
Place SL below $2,910 (Strong support level).
Risk-Reward Ratio (RRR):
Target 1: ~1:2
Target 2: ~1:3
Target 3: ~1:4
📉 Bearish Trade Setup (Breakdown Below $2,910)
Entry:
Sell below $2,907 - $2,905 after a clear breakdown with strong volume.
Ideally, wait for a retest of $2,910 as resistance before shorting.
Target Levels:
Target 1: $2,880
Target 2: $2,870
Target 3: $2,850
Stop-Loss:
Place SL above $2,930 (Key resistance level & POC).
Risk-Reward Ratio (RRR):
Target 1: ~1:2
Target 2: ~1:3
Target 3: ~1:4
🔹 Risk Management Tips
✅ Trade only after confirmation (Breakout or breakdown with volume).
✅ Risk per trade: Keep it 1-2% of your capital.
✅ Avoid trading inside the range ($2,910 - $2,930) unless there's a strong move.
✅ Use trailing stop-loss to secure profits once price moves in favor.
🔥 Final Thoughts
If price holds above POC ($2,927.8) → Expect bullish move toward $2,950 - $2,980.
If price rejects POC & breaks $2,910, expect bearish drop to $2,870 - $2,850.
Volume favors bears slightly, but confirmation is key before taking trades.
