By checking the gold chart in the 4-hour time frame, we can see that since last weeks, the price has dropped more than 1200 pips exactly as we expected, and now it is in an important range! There are two possible scenarios that I will discuss, the first scenario : price growth up to the range of the first supply range (from $1955 to $1965) and falling to $1923, $1907 and $1902 respectively! The second scenario : price growth up to the range of the second supply (from $1971 to $1985) and falling to $1923, $1907 and $1902 respectively! In order to stabilize the main Fall , stabilization below $1933 is of great importance! Don't Forghet To Push The Boost (Like) Button and Follow Me for More !
Best Regards , Arman Shaban
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Keep and Eye on $1945 to $1947 and Wait for a Trigger !
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Gold's Update : we see that exactly according to the previous analysis, the price is still struggling with the resistance ranges that we specified, for the further fall, stabilization below $1933 is of great importance and the price Right after it reached $1933, it quickly faced demand pressure and grew to $1965, now the price is again in the supply range and we have to see if it will start to fall from this level or not!
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New Update of GOLD : As you can see, yesterday, the price fell again as expected from the range of $1965 to $1954! Now, the range of $1960 to $1965 is one of the important supply zones , and if price consolidates below this level, we can see the price fall ! Otherwise, we should look for a trigger for a SELL position in the range of $1975 to $1983! If it starts falling, its targets are $1947, $1938 and $1932 respectively!
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The Price is near to the NEXT TARGET , Result So Far is more than 800 Pips (In Total) ! Cheers
Trade closed: target reached
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This analysis reached the end of its validity yesterday and was corrected by 800 pips to $1939! I think the price will reach 2000$ again in the next one to two weeks! The important condition of this is the stabilization of the price above $1960, the first bullish target is $1984 if the price is stabilized! New analysis will be posted soon!