Gold Spot / U.S. DollarUpdated GOLD/ XAUUSD BUY/ LONG
🔰 Pair Name : XAU/USD
🔰 Time Frame : 4H
🔰 Scale Type : Small Scale
🔰 Direction : LONG/BUY
Gold exhibited a substantial market imbalance during the previous week. Presently, the 4-hour price chart indicates the formation of a new low, precisely aligning with the Daily demand zone. Notably, the week concluded with the emergence of an intriguing inverted hanging man candlestick pattern on the daily chart, suggesting considerable selling pressure.
It is noteworthy that the ongoing conflicts in Russia, is anticipated to impact market dynamics and potentially influence the perception of gold as a safe-haven asset. Consequently, there is a likelihood of gold retracing back to the 1946 level before resuming its downward trajectory.
However, it is crucial to remain vigilant regarding the significant Fibonacci retracement level of 61.8% and the 200-day exponential moving average (EMA) as these technical indicators are poised to come into play in the near future. These levels often serve as crucial support or resistance areas that can exert influence over price movements.
As we look ahead, the forthcoming week presents an intriguing landscape for gold. Stay attuned for further updates on the developments in the gold market.
🔰 Time Frame : 4H
🔰 Scale Type : Small Scale
🔰 Direction : LONG/BUY
Gold exhibited a substantial market imbalance during the previous week. Presently, the 4-hour price chart indicates the formation of a new low, precisely aligning with the Daily demand zone. Notably, the week concluded with the emergence of an intriguing inverted hanging man candlestick pattern on the daily chart, suggesting considerable selling pressure.
It is noteworthy that the ongoing conflicts in Russia, is anticipated to impact market dynamics and potentially influence the perception of gold as a safe-haven asset. Consequently, there is a likelihood of gold retracing back to the 1946 level before resuming its downward trajectory.
However, it is crucial to remain vigilant regarding the significant Fibonacci retracement level of 61.8% and the 200-day exponential moving average (EMA) as these technical indicators are poised to come into play in the near future. These levels often serve as crucial support or resistance areas that can exert influence over price movements.
As we look ahead, the forthcoming week presents an intriguing landscape for gold. Stay attuned for further updates on the developments in the gold market.
Note
This revised version of our latest gold post earlier today, we confirm that the scenario remains unaltered.Trade active
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