Short

XAU/USD : Be Ready for another Fall ! (READ THE CAPTION)

Updated

By examining the #gold chart in the 2-hour timeframe, we observe that last week the price closed at $2431. I expect that with the market opening, after an initial rise to the range of $2442 to $2455, the price will likely decline again. The potential targets for this decline are $2417, $2405, and $2400, respectively. This analysis will be updated tomorrow.

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Note

Upon reviewing the 2-hour chart of gold, we see that yesterday, the price did not meet the condition we set for a drop (staying below $2439) and instead started to rise further. It reached the second supply zone of $2473 to $2484, then corrected by 180 pips down to $2458. Currently, gold is trading around the $2471 level again, and we need to see if it will get rejected from this important level once more. The reason for the renewed gold rally was the lower-than-expected PPI data.

Note

By Reviewing the 2-hour gold chart, we observe that the price is currently trading around $2473 and today it managed to break above $2477, gathering liquidity above this level. As you know, today we have the CPI data release. If the data comes in higher than the forecast, it could lead to a drop in gold prices, and vice versa, if it comes in lower, it could push gold prices even up to $2500. Be cautious with your trades today and ideally avoid any significant trades from now until at least half an hour after the data release. Good luck!

Trade closed manually

Be Ready for a new Analysis !

ArmanShabanTrading

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