Short

⭐️ XAU/USD : Gold’s Pivot Point: The Rise or Retreat (READ)

Updated

Hello Traders , Upon reviewing the gold chart in the 4-hour timeframe, we observe that the price, following our analysis, managed to rise by 170 pips to $2387. Since the range of $2386 to $2397 is an important supply zone, the price reaction to it was negative, and currently, gold is trading around $2383. If the price stabilizes below this level, we can expect a decline to lower levels (Scenario One). Otherwise, if the price increases again and the candle closes above the $2397 level, we likely will see a return to the $2400 channel (Scenario Two). I hope you make the most of this analysis! Additionally, today, if I receive enough support from you, I will announce several tradeable levels (both for SELL and BUY).

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

The gold spot price on the 15-minute timeframe shows a strong bullish trend with a recent breakout above $2400.00. While the trend indicates further upward potential, traders should consider the resistance zone between $2400.00 and $2405.00 for potential sell positions. This zone might offer opportunities for short-term corrections or pullbacks.

Note

: The price of gold initially rose to $2405 per ounce, then dropped to $2399. It briefly recovered to $2403, suggesting a resistance level at that price, but then fell sharply again, reaching $2396.

ArmanShabanTrading

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