"Gold H4: Struggling Below ATH, Breakdown Towards 2864?"
In the previous analysis, we anticipated a bullish move from the identified zones, and the price surged approximately 300 pips, reaching near the ATH. However, the upward movement was slower than expected.
Although the possibility of a further rise toward the 3000 level and the upper boundary of the curved channel still exists, this scenario has significantly weakened.
Currently, a structure break in the 1-hour timeframe could trigger a sharp bearish move, potentially leading to the breakdown of the ascending channel in the 4-hour timeframe. In this case, the minimum correction target would be around 2864.
Although the possibility of a further rise toward the 3000 level and the upper boundary of the curved channel still exists, this scenario has significantly weakened.
Currently, a structure break in the 1-hour timeframe could trigger a sharp bearish move, potentially leading to the breakdown of the ascending channel in the 4-hour timeframe. In this case, the minimum correction target would be around 2864.
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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.