Short

XAUUSD : Gold Will Fall to $2567 ? (Read The Caption)

Updated

Upon revisiting the gold chart on the 2-hour timeframe, we can see that last night, after gold surged to $2,600 and reached this key psychological level, it faced selling pressure and dropped to the important $2,550 level. If you recall, in previous analyses, we had mentioned this level as the final target for gold's corrective move. In the previous correction, gold had only managed to drop to $2,560. However, after taking out the liquidity above the previous high of $2,590 with the surge to $2,600, it finally reached this crucial $2,550 level. After hitting this level, gold made a strong recovery and surged back up to $2,595 to fill the liquidity gap caused by the drop. Currently, gold is trading around $2,586, and since it has created a new liquidity gap, I expect further correction from gold. The potential bearish targets for this correction are $2,581, $2,478, and $2,567, in that order. (This analysis will be updated).

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Best Regards , Arman Shaban

Trade closed: target reached

✅ #XAUUSD ~ $2581 Reached ✅
✅ #XAUUSD ~ $2578 Reached ✅

Trade closed manually

Upon analyzing the gold chart on the 2-hour timeframe, we can see that after yesterday’s analysis, the price started dropping exactly as expected and hit nearly all three targets (the final target was $2,567, and gold managed to drop to $2,569). After this drop, gold saw renewed demand and today was able to climb up to $2,619, setting a new All Time High. Currently, there are no signs on the chart that indicate a corrective move (Reversal), so be patient until the market gives you a good entry and don't increase your risk. This analysis will be updated again, so stay tuned! I hope you made the most out of this analysis (Total return: +170 pips).

ArmanShabanTrading

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