Gold Analysis – 25.Jul.2024
Gold Analysis: Upon reviewing the #gold chart on the 2-hour time frame, we see that after hitting both targets at $2420 and $2429 and reaching as high as $2432, gold faced selling pressure and couldn’t register further gains, resulting in a total return of around 320 pips. Now that gold has declined to lower levels, it has become more attractive for buying and has created liquidity gaps that I expect to be filled soon. If the support holds in the marked areas on the chart, we might see the price rise to $2393 as the first target.
An important scenario to watch : If the price experiences a significant drop and falls below $2348, monitor the price action in that area closely. After gathering liquidity below this level, we might witness a strong upward jump.
(This Post on TradingView)
Author : Arman Shaban
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