GOLD: Two Different Perspectives
Updated
GOLD: Two Different Perspectives
Yesterday, I provided a broader time frame perspective on GOLD and detailed why it might move down again.
Given the market’s lack of clear direction, we should remain cautious as the price evolves.
This time, I am sharing my opinion on two possible scenarios, acknowledging that traders have different perspectives and the price is at a critical juncture.
Bearish Scenario:
The price is testing a strong zone near 2530 for the fourth time, as seen in the chart. If this zone holds, we could see GOLD moving down to 2504. A move below 2504 could push the price further down to 2483.
Bullish Scenario:
A move above 2530 today could push the price up to 2550, which might become the next resistance zone where we could see potential bearish momentum again.
Today’s market focus is on the US GDP Annualized (Q2) Preliminary data, and tomorrow’s focus will be on the US Core Personal Consumption Expenditures - Price Index (YoY) (July). These two indicators will be crucial for the moves I explained above.
However, I am more focused on the bearish move, as I have explained my opinion several times.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Previous analysis:
Yesterday, I provided a broader time frame perspective on GOLD and detailed why it might move down again.
Given the market’s lack of clear direction, we should remain cautious as the price evolves.
This time, I am sharing my opinion on two possible scenarios, acknowledging that traders have different perspectives and the price is at a critical juncture.
Bearish Scenario:
The price is testing a strong zone near 2530 for the fourth time, as seen in the chart. If this zone holds, we could see GOLD moving down to 2504. A move below 2504 could push the price further down to 2483.
Bullish Scenario:
A move above 2530 today could push the price up to 2550, which might become the next resistance zone where we could see potential bearish momentum again.
Today’s market focus is on the US GDP Annualized (Q2) Preliminary data, and tomorrow’s focus will be on the US Core Personal Consumption Expenditures - Price Index (YoY) (July). These two indicators will be crucial for the moves I explained above.
However, I am more focused on the bearish move, as I have explained my opinion several times.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Previous analysis:
Note
Trade closed: target reached
🚨GOLD
As I explained I was focused only on the bearish move and here we have the first target that was almost reached🥳🥳🥳🚀🚀🚀
Trade closed: target reached
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