Gold Analysis – 04.Aug.2024
Gold Analysis: By analyzing the #Gold chart on the 4-hour time frame, we observe that on Friday, the price managed to surge to $2478, hitting our target levels, and then entered the marked supply zone (Bearish Rejection Block). This was followed by a heavy correction from $2478 to $2410, a drop of more than 680 pips in 4 hours! With this decline, a new Fair Value Gap (FVG) has formed, which is likely to be filled soon. The potential targets for this are $2450 and $2456. Currently, the price of gold is at $2442.495. After the FVG is filled, we need to watch the price reaction to this level. Considering the ongoing high risk of war, gold might ignore other economic data and, in the event of war, could potentially rise to $2500.
(This Post on TradingView)
Author : Arman Shaban
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