XAUUSD Technical Analysis For Trade February 5

Gold prices are demonstrating a unilateral increasing trend. The 4-hour chart has created the regular upward channel. The K-line runs along the upper track of the Bollinger Band, while the middle track near 2810 has provided dynamic support. The current drop has converged above the Fibonacci 23.6% retracement level (2807), creating a secondary support platform around 2772 and reinforcing the bullish control pattern.

🔴 Upper resistance level: - First: 2865–2870

-Second, 2880

🟢 Lower support level:
1. 2828-2833 2. 2815-2823 3. 2798-2805

✅ An intraday trading approach
■ Asian session: Look for a small volume retracement above 2830. Aggressive traders can enter long trades at 2835 with a light position, a stop loss at 2824 (the previous day's low plus a 3 USD buffer), and a goal of 2852-2865.
■ Verifying momentum in the European session: If the price stabilizes above 2850, you can enter trades near 2842 before the US session, employ pyramid position management, and adjust the stop loss up to 2838.

■ Short warning: MACD daily level top divergence emerges, and price enters overbought area (4-hour RSI > 70). Short selling can be done short-term when it first hits 2870 (stop loss 2882, target 2855), but only right signal operations are allowed.

⛔ Risk Management ■ Adhere to position management guidelines and avoid chasing highs.
■ If the market falls below 2825 and closes below it within an hour, exit manually and focus on long-short opportunities in the 2807 range.

■ Major risk events: Monitor the Federal Reserve meeting minutes at 14:00 Eastern Time and avoid profit-taking based on hawkish pronouncements.