Gold Analysis – 29.Apr.2024
Gold Analysis: Upon examining the gold chart in the 1-hour timeframe, we can see that after the price entered the targeted supply zone ($2352), it faced selling pressure and corrected with a drop of 230 pips down to $2328. Now, gold has closed at $2338, and I expect further correction with the market opening, although it’s possible that the price may re-enter the defined supply zone first before correcting with greater momentum. There are several important price levels ahead for gold that I urge you to consider and mark on your chart; these levels are, in order, $2366, $2375, and $2385. The potential scenario has been outlined on the chart.
(This Post on TradingView)
Author : Arman Shaban
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