XAU/USD | Gold At a Critical Short-Term Decision Zone!

Feb 9

By analyzing the #Gold chart on the 30-minute timeframe, we can see that right after our last analysis, gold moved higher again and delivered more than 1,500 pips of profit, pushing price up to $5,047. Gold is now trading around $5,012.

If price fails to hold above $5,050 within the next 4 hours, we can expect a deeper pullback. The downside targets for this correction are $4,999, $4,990, and $4,960. On the other hand, if gold manages to stabilize above $5,050 within the next 4 hours, we can expect further upside in the short term, with targets above $5,080.

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

Feb 10

Trade closed: target reached

By analyzing the #Gold chart on the 1-hour timeframe, we can see that after our last analysis, price first corrected down to $4994 and almost hit the first two bearish targets. After that, gold reversed and pushed higher again, this time rallying above $5080. Once price reached $5086, it faced strong selling pressure and corrected again down to $4988.

Right now, gold is trading around $5072. If price manages to break and hold strongly above the $5086 zone, we can expect further upside. The first upside target would be $5100, followed by $5146 as the next target.