XAU/USD : Potential Upside After Reaction to Key Demand Zone
Updated
By analyzing the #gold chart on the 2-hour timeframe, we observe that after the PPI news was announced yesterday, gold initially experienced a price surge. It climbed to $2327 before encountering selling pressure, leading to a correction of over 320 pips down to $2295.
As previously mentioned, the $2295 to $2303 range was a significant demand zone, and the price responded positively to it. Currently, gold is trading around $2331, having broken yesterday's high. If the price stabilizes above $2327, we can anticipate further growth in gold, with the first target being the liquidity pool above $2342.
Additionally, there's a Fair Value Gap (FVG) ahead that might be filled next week, ranging between $2348 and $2373. This presents an exciting opportunity for traders to watch for potential movements in the market.
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As previously mentioned, the $2295 to $2303 range was a significant demand zone, and the price responded positively to it. Currently, gold is trading around $2331, having broken yesterday's high. If the price stabilizes above $2327, we can anticipate further growth in gold, with the first target being the liquidity pool above $2342.
Additionally, there's a Fair Value Gap (FVG) ahead that might be filled next week, ranging between $2348 and $2373. This presents an exciting opportunity for traders to watch for potential movements in the market.
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
Note
New Poll : Predict the closing price of #GOLD for this week.Note
As you can see, following our previous analysis, #Gold experienced a price increase, rising by 60 pips to reach $2337. After this surge, the price entered a corrective phase, dropping to $2324 before quickly rebounding above $2327.As I mentioned earlier, the $2327 level is crucial for determining the price trend. If the price closes and stabilizes above this level, we could see an increase to $2342 as the first target. All other assumptions from the previous analysis remain valid.
Note
As you can see, gold has corrected from $2335 to $2315, and the time for gold to rise again is approaching. By maintaining support in the $2313 to $2320 range, we will likely see a strong upward movement in gold. More information and details will be provided in the new gold analysis on the 4-hour time frame.
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