Gold Analysis – 17.May.2024
Gold Analysis: Upon reviewing the gold chart in the 4-hour timeframe, we observe that the price, following our analysis, managed to rise by 170 pips to $2387. Since the range of $2386 to $2397 is an important supply zone, the price reaction to it was negative, and currently, gold is trading around $2383. If the price stabilizes below this level, we can expect a decline to lower levels (Scenario One). Otherwise, if the price increases again and the candle closes above the $2397 level, we likely will see a return to the $2400 channel (Scenario Two). I hope you make the most of this analysis! Additionally, today, if I receive enough support from you, I will announce several tradeable levels (both for SELL and BUY).
(This Post on TradingView)
Author : Arman Shaban
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