HI FRIENDS, Currently, gold’s price action on the 4-hour chart is showing a cautious yet potentially bullish pattern. Gold is trading around the $2,580 mark as of mid-September 2024, staying close to the recent highs from the past few days, but there’s a lot of technical tension. The price recently confirmed a breakout above $2,517, hitting targets around $2,536 to $2,550, and 2585 which opens up the possibility for further upward movement if it consolidates above key levels .
However, there is strong resistance near $2,585-90, and the next major catalyst could be macroeconomic data, particularly inflation figures, which are expected to influence gold’s medium-term trend. If the resistance holds and sellers take over, we could see a pullback toward support levels near $2,500 or even lower to $2,475 .
In summary, while the market leans bullish, it remains vulnerable to external macroeconomic factors and short-term consolidation or dips so i am looking for a short to atleast 2570,2565,2525
However, there is strong resistance near $2,585-90, and the next major catalyst could be macroeconomic data, particularly inflation figures, which are expected to influence gold’s medium-term trend. If the resistance holds and sellers take over, we could see a pullback toward support levels near $2,500 or even lower to $2,475 .
In summary, while the market leans bullish, it remains vulnerable to external macroeconomic factors and short-term consolidation or dips so i am looking for a short to atleast 2570,2565,2525
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.