Gold prices dropped by $25 on Thursday, December 4, breaking below the consolidation zone. It's common for gold to test both the highs and lows of consolidation areas ahead of major data releases. I view this decline as a potential manipulation of the lows, anticipating a rebound toward the 2658 level to target the highs before a stronger sell-off resumes after the data release.
Alternatively, the price might extend this manipulation phase further, reaching the 2675-2680 level, where the H4 order block aligns with the upper boundary of the descending channel.
1st Scenario
Short Entry: 2658
Stop Loss: 2663
2nd Scenario:
Short Entry: 2675
Stop Loss: 2690
Targets: 2622 > 2605 > 2589 > 2560 >...>2430
Alternatively, the price might extend this manipulation phase further, reaching the 2675-2680 level, where the H4 order block aligns with the upper boundary of the descending channel.
1st Scenario
Short Entry: 2658
Stop Loss: 2663
2nd Scenario:
Short Entry: 2675
Stop Loss: 2690
Targets: 2622 > 2605 > 2589 > 2560 >...>2430
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.