Gold Analysis – 08.Aug.2024
Gold Analysis: By examining the #gold chart in the 2-hour timeframe, we observe that as expected, after entering the range of $2403 to $2410, the price faced selling pressure and corrected from $2407 to $2381 with a drop of 260 pips. After reaching $2381, the price encountered renewed demand because the range of $2379 to $2384 is an important demand zone, which is why the price reacted to that level. Today, the price rose again to the Bearish OB level we had marked on the chart, and after reaching $2415.5, it faced selling pressure again. It is currently trading around $2404. If the 2-hour candle closes below $2405, we can expect further decline, with targets at $2401, $2395, and $2392, respectively. Further targets will be updated.
(This Post on TradingView)
Author : Arman Shaban
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