XAUUSD Technical Analysis 02.01.2024 1h chart

– Previous Monthly candle closed small Bullish at 2062.900 leaving a huge Rejection to the upside. Last Weekly candle closed weak Bullish leaving a Rejection to the upside and closing below Weekly Resistance formed on 4th December 2023, Friday Daily candle closed weak Bearish as market experienced minimal volume in price action.
– Buys on close above 2068.000 targeting 4h Resistance formed around 2075.000, Leaving Runners to the 30min Resistance formed around 2080.300.
– Sells on close below 2058.800 targeting 4h Support formed around 2053.000, Leaving Runners to the 1h Strong Support formed on 22nd December 2023 around 2047.500.
– Ideally is to allow new range to form new price action and wait for strong confirmations before taking positions.