I don't use indicators on my MT4 charts. That's the Zero Indicators rule. But before every trading day, I mark key price levels — pivot points, support and resistance, psychological levels. That's the backbone of my trade planning.
Pivot Points for Gold
Pivot points come from the previous day's high, low, and close. They give you three layers of support and resistance above and below the current price.
The standard formula:
- Pivot (PP): (High + Low + Close) ÷ 3
- R1: (2 × PP) − Low
- S1: (2 × PP) − High
- R2: PP + (High − Low)
- S2: PP − (High − Low)
- R3: High + 2 × (PP − Low)
- S3: Low − 2 × (High − PP)
These levels are my primary framework. Gold above the pivot? I look for longs. Below it, I favor shorts. Simple.
Psychological Levels
Gold loves round numbers. $2,300, $2,350, $2,400 — they act like magnets and barriers. I've watched gold bounce off $2,400 three times in a single week, rejecting it like a ceiling.
How I trade them:
- Approaching a round number: I wait for a rejection candle before entering
- Breaking a round number: I wait for a retest before following the breakout
- Between levels: I tighten stops and reduce position size
Previous Day High/Low
The previous day's high and low are the most relevant short-term levels. I draw them before the London open. If gold breaks the previous day's high, momentum is usually to the upside. Break the low? Expect selling pressure.
Session-Specific Levels
Gold moves differently across sessions:
- Asian session (00:00–09:00 GMT): Narrow ranges, good for spotting the day's initial bias
- London open (08:00 GMT): Volume spikes, levels set here often hold all day
- New York open (13:00 GMT): Highest volatility, best for breakout trades
I mark my key levels before each session and adjust as the day unfolds.
My Daily Routine
- Calculate pivot points from yesterday's data
- Mark yesterday's high and low
- Find nearby psychological levels
- Set alerts for breakouts through these levels
- Plan entry, stop, and target based on the level structure
Takes me 10 minutes before the London open. Replaces indicators entirely.
Try my Key Price Levels Tool →