ArmanShabanTrading

XAU/USD : Expected Decline After Initial Rise (READ THE CAPTION)

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
By analyzing the #gold chart on the 4-hour timeframe, we see that the price initially rose to $2377, as expected, and then began to decline, also as anticipated. As mentioned, I expected an upward move first, followed by a decline. This happened exactly, with gold dropping sharply from $2379 to $2351, resulting in a 280-pip decrease. Currently, gold is trading around $2360, and if we see an increase in the dollar index today, we can expect further declines in gold. The potential short-term targets are $2351, $2348, and $2342. At present, gold is trading around $2361.

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Comment:
By Analyzing the #Gold chart on the 4-hour time frame, we observe that, as expected, gold faced heavy selling pressure after an initial rise to the $2368 area yesterday. It corrected over 190 pips, dropping to $2349.5, hitting our first two targets. Subsequently, gold gathered liquidity below $2351, encountered buying pressure, and managed to rise again to $2374. We will see today if the price gets rejected from this level once more. The new analysis will be updated soon!

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