XAU/USD : BIG Fall Ahead ? (READ THE CAPTION)
Updated
By analyzing the #Gold chart on the 4-hour timeframe, we can see that the price has once again reached the supply zone at $2523, and after reacting negatively to this level, it dropped as low as $2504! Now, the price has climbed back to the $2515 area, and with the NFP data set to be released in about 20 minutes, we must be cautious. If the NFP report exceeds the forecasted numbers, it will favor the dollar and hurt gold, potentially leading to a drop below $2500.
However, keep in mind what I mentioned over the past few days: since this is the sixth consecutive time that gold has reached this level, it might first break above $2532 to collect liquidity before the main drop occurs. So, be careful not to get stop-hunted and turned into liquidity!
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
However, keep in mind what I mentioned over the past few days: since this is the sixth consecutive time that gold has reached this level, it might first break above $2532 to collect liquidity before the main drop occurs. So, be careful not to get stop-hunted and turned into liquidity!
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
Trade closed: target reached
As you can see, gold dropped to $2508 after the first news announcement, then rose to $2529. After reaching this significant supply level, it faced selling pressure and finally dropped to $2486, breaking below $2500! This decline is likely to continue in the coming hours, and we will probably see the price stabilize below $2500! Note that with the heavy drop in gold, a new Fair Value Gap (FVG) has been created, which will likely result in gold rising to $2507 next week to fill this liquidity gap! I hope you have a great weekend!
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