The fate of Gold
As you know, in the past week, gold has reached a new high, advancing to the $2483 price range.
🔸In this area, it has retraced from the top of its channel and currently shows a downward trend in the hourly and four-hour time frames.
🔸Given the strength and movement we observe, this decline will likely continue at least to the static level identified in the $2410 range.
At this level, we can enter a position with two scenarios:
1. If we see signs of a trend reversal in this range, we will enter a long position 🛒.
2. If the price reaches this area with strength and breaks through, we will look for short positions down to the bottom of the channel 📉.
💬 What are your thoughts on gold’s movement? Do you see a potential reversal or further decline? Let us know in the comments!
#Gold #XAUUSD #Tradecitypro #TCP #TrendAnalysis #SupportAndResistance #MarketUpdate
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