This week could be rough for a lot of people if they don't implement proper risk management. The market conditions are challenging, with ongoing conflicts, rising inflation, and the end of the QE policy. It's unlikely that a rate cut will happen this month, and the upcoming NFP data on Friday adds to the uncertainty. Let's delve into technical analysis.
Mainly, buyers are positioned at the 1980 and 1940 levels to purchase gold and hold it for a longer period because they missed the last rally. Gold has broken the 1D trendline, and the retest has been completed. If it stays below 1940, gold will likely remain bearish. On the 4-hour time frame, gold is currently trading within a channel, awaiting a breakout for confirmation of the entry point
Mainly, buyers are positioned at the 1980 and 1940 levels to purchase gold and hold it for a longer period because they missed the last rally. Gold has broken the 1D trendline, and the retest has been completed. If it stays below 1940, gold will likely remain bearish. On the 4-hour time frame, gold is currently trading within a channel, awaiting a breakout for confirmation of the entry point