Gold will go Down by Bearish Flag Pattern!!!GDP , Unemployment Claims , and Core PCE data were announced almost as expected .
If the Unemployment Claims, GDP, and Core PCE data are released in line with expectations, their impact on the markets is usually limited because:
1-Priced-In Effect :
Markets tend to adjust their pricing ahead of time based on forecasts. As a result, data matching expectations typically does not provoke major market reactions unless there are surprises in other economic indicators.
2-Market Stability :
When key indicators align with predictions, investors often maintain their current strategies, leading to reduced volatility unless new risks or external shocks emerge.
3-Monetary Policy Implications :
Data in line with expectations generally confirms the prevailing outlook for monetary policy. For example:
But today's important news was the signing of the ceasefire between Lebanon and Israel , which can reduce tensions in the Middle East and be a factor in preventing Gold from rising again .
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Gold ( OANDA:XAUUSD ) is moving in the Support zone($2,644-$2,625) .
From the point of view of Classical Technical Analysis , it seems that Gold has succeeded in forming a Bearish Flag Pattern , we can confirm this pattern by breaking the lower line of the ascending channel .
According to the Elliott wave theory , Gold has succeeded in completing the main wave 4 , and we should wait for main wave 5 .
Based on the explanation above, I expect Gold to continue to decline to at least the Support zone($2,605-$2,584) .
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Gold Analyze ( XAUUSD ), 1-hour time frame ⏰.
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