Gold Analysis – 04.Dec.2023

Gold Analysis: With the new analysis of gold in the weekly time frame, we see that after about 4 years, gold recorded its highest historical price ceiling, that is, the price of $2149! Before this, the highest historical ceiling was formed in 2020 due to the epidemic of COVID-19! Considering that it was the fourth time in the last 4 years that the price had reached this important resistance range, we clearly knew that the largest liquidity pool of gold was above this price level, and for this reason, when the market opened last night, Gold managed to grow by more than 800 pips in less than a quarter of an hour to reach the price of $2149 and after that it was accompanied by a price correction and is currently trading in the range of $2066! Note that this event caused many analysts, including myself, to consider long-term targets above $2500 for gold, this thing could happen between the next 5 to 10 years! Currently, I think that if the weekly candle closes and stabilizes below $2076, I believe that gold will fall to $1993 and even $1939 in the medium term! We are now at an important time of the historical price of gold, and we will also have the NFP statistics this week, which can determine the trend of the gold price of this month! I hope this analysis is useful for you and be sure to share this with your friends!
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Author : Arman Shaban

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