Gold Analysis – 11.Jan.2024
Gold Analysis: By re-examining the gold chart in the 4-hour time frame, we see that the price, as we expected, faced selling pressure by entering the supply range of $2040 to $2044, and the growth of the dollar index also added to this pressure, and gold was able to fall to $2025, which was a demand level and had a reaction to it! The previous analysis is still valid and as long as the price is traded below $2040, we can expect a further drop of the price! Of course, note that the price must penetrate below 2020$ and 2016$ as soon as possible, otherwise the delay in the price drop can cause the bulls to come in again and push the price above 2044$ for the fourth time! So we will follow the chart and I will update it for you step by step!
(This Post on TradingView)
Author : Arman Shaban
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