🔰 Pair Name : XAU/USD
🔰 Time Frame : 4HOUR
🔰 Scale Type : LONG SCALE
🔰 Direction: BUY SELL BUYYYY SELLLLL
📈 Technical Analysis: Gold Eyeing Critical Levels and Potential Downside Targets 📉
🔍 Chart: 4H timeframe
💎 Gold has reached a key Fibonacci level of 61.8% at the $1,912-$1,900 range! 📊 The past two weeks witnessed a bullish surge, propelling gold to retest the 23.6% Fibonacci level and fill the market imbalance created by months of selling. 🚀
🦀 Additionally, the completion of the CD leg of a smaller bearish crab pattern adds more weight to the current scenario. Now, we find ourselves at a pivotal moment, as the bullish price action reached the 50% Fibonacci level, leaving behind a massive imbalance area below! 😲
💪 Gold has just breached the daily demand zone, smashing through the 4H demand zone within it! 🚀 Our analysis suggests that gold might be collecting the last bit of liquidity above, specifically around the key high of $1,969 on both the daily and 4H charts. 🌊
⚡️ Brace yourself for a potential drop towards the imbalance zone below, followed by a retest of the 4H demand zone. From there, the stage could be set for another retest of the 23.6% Fibonacci zone above! 📈
🔍 Looking ahead, keep an eye on the Fib level 0.786 at the $1,866 area! This zone serves as a juicy target for gold, aligning with the first target of the larger bearish crab pattern, around the $1,860 area. 💰
💥 Fundamental Analysis: Bearish Factors Impacting Gold 💥
📉 Gold prices have been on a relentless decline since July 6, marked by Engulfing Bearish Deliberation candlestick patterns. The invalidated Bull Flag formation on the 4H chart and approaching pressure points at $1,962.80 - $1,966.80 indicate a bearish sentiment. 📉
💰 To anticipate a significant correction, we must closely monitor the US Dollar Index (DX) and its momentum! A positive breakthrough of the medium-term resistance zone, previously support, on the weekly chart could trigger a substantial decline in gold prices that would be difficult to stop. 📉
💡 Conclusion: Get Ready for Exciting Moves in Gold! 💡
⚠️ Gold is at a critical juncture, presenting both technical and fundamental bearish signals. Stay alert as gold targets the imbalance zone below and potential downside targets at the 0.786 Fibonacci level! 🚀
🔒 Stay tuned and be prepared to take advantage of the next big moves in the gold market! Happy trading! 📈💰
🔰 Time Frame : 4HOUR
🔰 Scale Type : LONG SCALE
🔰 Direction: BUY SELL BUYYYY SELLLLL
📈 Technical Analysis: Gold Eyeing Critical Levels and Potential Downside Targets 📉
🔍 Chart: 4H timeframe
💎 Gold has reached a key Fibonacci level of 61.8% at the $1,912-$1,900 range! 📊 The past two weeks witnessed a bullish surge, propelling gold to retest the 23.6% Fibonacci level and fill the market imbalance created by months of selling. 🚀
🦀 Additionally, the completion of the CD leg of a smaller bearish crab pattern adds more weight to the current scenario. Now, we find ourselves at a pivotal moment, as the bullish price action reached the 50% Fibonacci level, leaving behind a massive imbalance area below! 😲
💪 Gold has just breached the daily demand zone, smashing through the 4H demand zone within it! 🚀 Our analysis suggests that gold might be collecting the last bit of liquidity above, specifically around the key high of $1,969 on both the daily and 4H charts. 🌊
⚡️ Brace yourself for a potential drop towards the imbalance zone below, followed by a retest of the 4H demand zone. From there, the stage could be set for another retest of the 23.6% Fibonacci zone above! 📈
🔍 Looking ahead, keep an eye on the Fib level 0.786 at the $1,866 area! This zone serves as a juicy target for gold, aligning with the first target of the larger bearish crab pattern, around the $1,860 area. 💰
💥 Fundamental Analysis: Bearish Factors Impacting Gold 💥
📉 Gold prices have been on a relentless decline since July 6, marked by Engulfing Bearish Deliberation candlestick patterns. The invalidated Bull Flag formation on the 4H chart and approaching pressure points at $1,962.80 - $1,966.80 indicate a bearish sentiment. 📉
💰 To anticipate a significant correction, we must closely monitor the US Dollar Index (DX) and its momentum! A positive breakthrough of the medium-term resistance zone, previously support, on the weekly chart could trigger a substantial decline in gold prices that would be difficult to stop. 📉
💡 Conclusion: Get Ready for Exciting Moves in Gold! 💡
⚠️ Gold is at a critical juncture, presenting both technical and fundamental bearish signals. Stay alert as gold targets the imbalance zone below and potential downside targets at the 0.786 Fibonacci level! 🚀
🔒 Stay tuned and be prepared to take advantage of the next big moves in the gold market! Happy trading! 📈💰
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Gold is finding its way up, we are expect the price to go up around 1946 area
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You should double check this post from last week, it might help you to identify where gold goes-🌝JPMorgan predicts GOLD will break records in 2024 amid Fed rate cuts