⭐️ XAU/USD : Navigating Supply and Demand Shifts (READ CAPTION)
Updated
Hello Traders , Upon examining the gold chart in the 1-hour timeframe, we can see that after the price entered the targeted supply zone ($2352), it faced selling pressure and corrected with a drop of 230 pips down to $2328. Now, gold has closed at $2338, and I expect further correction with the market opening, although it’s possible that the price may re-enter the defined supply zone first before correcting with greater momentum. There are several important price levels ahead for gold that I urge you to consider and mark on your chart; these levels are, in order, $2366, $2375, and $2385. The potential scenario has been outlined on the chart.
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Best Regards , Arman Shaban
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
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Keep an eye on 2346$ to 2352$ and $2341 too !Note
Upon reviewing the gold chart, we observe that after the price managed to drop to $2320, it encountered some relative demand and rose again. Following the price increase to the $2344 level, we saw that gold once again experienced a decline, correcting down to $2328. The $2329 area is a demand zone, which is why we had a positive reaction to this level. Now, for further decline, we should wait for the price to penetrate and stabilize below $2328. If this occurs, the potential downward targets could be $2320, $2313, and $2303, respectively.Trade closed: target reached
The $2320 and $2313 target reached ✅
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