Gold Analysis – 01.Feb.2024
Gold Analysis: By re-examining the gold chart in the 4H & Daily time frame, we see that after re-entering the $2040 channel, the price was able to grow to around $2050 and then correct it again to $2040 within a few minutes! After the price reached $2040 again, it faced buying pressure, and it is interesting to know that POC LINE is exactly on the price of $2040 and acts as a powerful support for gold! By collecting the necessary liquidity and the sharp fall in the rate of 10-year US Treasury bonds, gold was able to continue its growth and record the highest price of the last 3 weeks and reach $2066! Now, after the price reached this important zone, we saw an initial correction from this range, and the price is currently trading in the range of $2053! With the growth that gold had today, it has created a huge liquidity void, which I believe will be filled soon and the price will reach $2032 again in the short term! I hope this analysis is useful for you!
(This Post on TradingView)
Author : Arman Shaban
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