Gold Analysis – 08.Feb.2024
Gold Analysis: By examining the gold chart in the 4-hour time frame, we can see that the price, after growing up to $2044, could not stabilize and close above the important level of $2040, and it was pulled back below this important level! As I said before, to determine the main trend, we must witness the failure and stabilization of a series of important levels! This level used to be $2032 before and now this level is $2040! In my opinion, if the price of gold can stabilize and close below 2035$ and 2029$ today, we can witness another fall of gold! The bullish scenario is also valid based on the previous analysis with the condition of breaking $2040, whose targets will be $2047 and $2052! The downward scenario, which is the main scenario of our past few weeks TAs, is still valid, and if the price stabilizes below $2040, we can witness the fall of gold to the ranges of $2002 to $2007, $1997, and $1979 to $1986 in the medium term!
(This Post on TradingView)
Author : Arman Shaban
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