Short

XAU/USD : Will Gold Fall More ? (READ THE CAPTION)

Updated

As observed, gold fluctuated within the supply zone of $2579 to $2589 yesterday and finally managed to close and stabilize below $2579. Afterward, gold experienced an 80-pip decline, correcting down to $2572, and is currently trading around $2574. If the price stabilizes below $2577, we can expect further declines in gold, with potential targets at $2571, $2565, and $2555, respectively. (This analysis will be updated)

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Gold has successfully reached the first target of $2571 as anticipated. The price is currently stabilizing around this level. If the downward momentum continues, the next potential targets will be $2565 and $2555. Keep monitoring for further developments and be cautious with high-risk trades. (This analysis will be updated)

Trade closed: target reached

~ $2565 Reached ✅
~ $2560 Reached ✅

Result so far : +200 Pips ⭐️

Trade active

Upon reanalyzing the gold chart on the 4-hour timeframe, we can see that, as expected, gold experienced a significant drop, with over 200 pips of movement, hitting the targets of $2571 and $2565, and even correcting down to $2560. After this drop, gold faced renewed demand and has risen to $2580 in the past few minutes. However, this was a key supply level, which caused the price to react, and currently, gold is trading around $2577. If the price stabilizes below $2580, we can still expect further corrections in gold. Note that the U.S. interest rate will be announced today, which could bring heavy volatility to the market. So, be cautious with your personal trades and preferably avoid any major trades during the rate announcement and Mr. Powell's press conference.

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