SHORT COMING NOW OR NOT?
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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