Gold Analysis – 11.Jan.2024
Gold Analysis: By checking the gold chart, we see that the price started to fall after our analysis and was able to correct up to our third target, i.e. $2020 (Cheers to that) , and after that it came back with demand, because the price of $2020 had both technical support and Psychological support, that’s why after that the price was able to grow again up to $2035 and then stopped! Now the price is trading in the range of $2032 and today we will have CPI statistics that can determine the next trend for gold! The bearish scenario will continue only if the price does not penetrate or stabilize above $2040, in which case we can expect more fall of gold! If the price penetrates above $2040 and the 4-hour candle closes above this level, we will probably see the growth of gold up to $2060! I will expect heavy fluctuations from gold today!
(This Post on TradingView)
Author : Arman Shaban
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