Hello Traders , let's have a look on TVC:GOLD in the Weekly and 4H time frame Charts !
By examining the gold chart in the weekly (left) and 4-hour (right) time frame, we can see that the price in the weekly time frame managed to break the resistance of $2149 with a strong rise and close above it!
This week's trades can determine the trend of the coming months, we must see by the end of the week if the price closes above the range of $2150 or below this range! Because as you can see, the price was able to grow from 1998$ to 2195$ with 3 consecutive weeks of growth, and this caused a large liquidity void, which I believe will be filled in the medium term!
Now, in the 4-hour time frame, the price is trading below the range of $2175! If the price stabilizes below this range and, more importantly, it can close below $2150, we can expect a heavy fall from gold, whose possible targets are $2149, $2128, $2117, and $2058, respectively!
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
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New Update (14.03.2024) : As you can see, as we expected, the price of gold entered the Bearish BB supply range that I had specified on the chart and started to fall from the same range ($2177) to $2167 and is currently trading in the range of $2169. If the price stabilizes below this important supply level, we can expect a further drop from gold, whose possible targets are $2149, $2128, $2117, and $2058, respectively!