XAU/USD | Gold at $3,740 – Demand Zone Decides the Next Move

Sep 25

By analyzing the Gold chart on the 1-hour timeframe, we can see that yesterday the price finally started a correction, dropping to $3,717. From this key psychological level, demand stepped in and pushed gold strongly up to $3,761.

Currently, gold is trading around $3,740, but it hasn’t fully stabilized yet. For that, the price needs to revisit the $3,711–$3,726 demand zone. If gold holds there, we could expect another powerful rally toward levels above $3,800. Otherwise, we may soon see it dropping into the $3,600 range.

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Sep 26

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By analyzing the gold chart on the 1-hour timeframe, we can see that once again the price moved exactly as expected, entering the $3,711–$3,726 demand zone. As soon as it reached this level, demand pushed gold up to $3,784, giving us more than 620 pips in returns!

Always pay attention to the key points in the analysis — these are exactly what help us predict the next moves. Now we need to see how the price reacts to the current supply zone. Gold is now only 100 pips away from its ATH. Do you think it can break above $3,800? (Drop your comment below)