Gold's Movement in the 4H Time Frame
In the 4H time frame, gold is exhibiting a pattern of lower highs (LH) and lower lows (LL). Gold peaked at 2450, and subsequently dropped to a low of 2386.830. By applying Fibonacci retracement from the highest point (2450) to the lowest point (2386.830) within the current 4H time frame, we observe the following:
After reaching the high of 2450.125, gold made a lower low at the Fibonacci 0.786 level (2321.775).
It then rose to form a lower high at the Fibonacci 0.382 level and made another lower low at 2386.830.
Again, it ascended to form a lower high at 2368, which corresponds to the Fibonacci 0.5 level.
Currently, the trend suggests it should form another lower low. I anticipate it may test the 2349 level, which is the Fibonacci 0.618 level, and potentially form a new lower low at the Fibonacci 1.272 level, around 2242.
After reaching the high of 2450.125, gold made a lower low at the Fibonacci 0.786 level (2321.775).
It then rose to form a lower high at the Fibonacci 0.382 level and made another lower low at 2386.830.
Again, it ascended to form a lower high at 2368, which corresponds to the Fibonacci 0.5 level.
Currently, the trend suggests it should form another lower low. I anticipate it may test the 2349 level, which is the Fibonacci 0.618 level, and potentially form a new lower low at the Fibonacci 1.272 level, around 2242.
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