XAUUSD ( UNDER BEARISH PRESSURE ) ( 4H )XAUUSD
HELLO TRADERS
Yesterday , during the release of the inflation rate in the U.S., just as I predicted, the drop led to a +350 pip profit .
For today, the price holding at $2,442 suggests a possible rise towards resistance levels. However, if the price breaks down, we might see a decline towards support levels. There are also some key news events at 3:30 PM today that could have a significant impact on gold’s movement.
Tendency , the price is under down ward pressure , until trading below resistance zone between 2,474$ and 2,484$ .
Upward Zone : If the price continues to trade and hold above $2,442, it will support an upward move towards the first resistance level at 2,463$. A break above this level and the closing of a four-hour candle above it would strengthen the move into the resistance zone between 2,474$ and 2,484$ , To confirm this upward trajectory, it's expected that the news releases will likely result in a negative of the dollar.
Downward Zone : A break and the closing of a four-hour candle below 2,442$ , would shift the trajectory downward toward the first support level. To confirm the downtrend, the price needs to stay below 2,421$ , leading to a move into the support zone between 2,406$ and 2,391$.
TARGET LEVEL :
RESISTANCE LEVEL : 2,463$ , 2,474$ , 2,484$ .
SUPPORT LEVEL : 2,421$ , 2,406$ , 2,391$ .
Turning Level : 2,442$ , Time Frame ( 4H )
