A detailed examination of the 4-hour chart reveals a significant reversal pattern, wherein a series of bullish order blocks (BOSES) have given way to a bearish change of character (CHOCH). This marked shift in momentum has effectively flipped the trend from bullish to bearish.
Currently, gold prices are testing a critical Fibonacci retracement level, coinciding with a clearly defined order block. Our analysis suggests that gold is poised for a downward move, with two distinct selling zones presenting opportunities for potential short positions:
- Zone 1: 2,910 - 2,920
- Zone 2: 2,935 - 2,945
Currently, gold prices are testing a critical Fibonacci retracement level, coinciding with a clearly defined order block. Our analysis suggests that gold is poised for a downward move, with two distinct selling zones presenting opportunities for potential short positions:
- Zone 1: 2,910 - 2,920
- Zone 2: 2,935 - 2,945
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.