⭐️ XAU/USD : First LONG , Then SHORT (IMPORTANT ANALYSIS)
Updated
Hello Traders , Upon reviewing the gold chart in the 2-hour timeframe, we observe that, as per our primary analysis and expectations, the decline continued and managed to correct down to $2281! As we had marked on the chart two weeks ago, the range of $2268 to $2284 was an important demand zone where we expected the price to show a positive reaction after reaching this zone, and that’s exactly what happened! Today, gold was able to grow from $2281 to $2300, which means a return of nearly 200 pips! We will likely witness heavy fluctuations in gold today because in about an hour, we will have the Final Manufacturing PMI, ISM Manufacturing PMI, and JOLTS Job Openings data, which will directly impact the dollar index and cause heavy fluctuations in gold. Moreover, tonight the Federal Reserve will announce the interest rate, followed by a Federal Reserve press conference, which could accompany the price with heavy fluctuations. So, be careful with your personal trades!
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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
Trade closed: target reached
By examining gold in the 2-hour time frame, we see that the price, as we expected, was accompanied by heavy fluctuations with Mr. Powell's speech and was able to grow up to $2328! After that, gold faced supply pressure again and was able to correct up to $2285 in the last hour! Note that the range of $2283 to $2288 was one of the important demand ranges, which is why the price reacted positively to this level and is currently trading in the range of $2299, this growth may continue up to $2320., but we will not prejudge for now and we will wait for the price to stabilize!
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