Gold Analysis – 12.Nov.2024
Gold Analysis: By Analyzing the #Gold chart on the 4-hour timeframe, we can see that the price moved as expected, starting its decline from the $2657 zone and hitting the targets of $2649, $2643, $2630, and $2616, delivering a gain of around 400 pips. However, the price didn’t stop there and extended its sharp drop, finally entering the $2500 range. Earlier today, gold reached $2590, marking its lowest level in five weeks. Currently, gold is trading around $2596, with demand zones identified at $2586–$2593 and $2555–$2562. This downtrend is likely to continue, potentially driving prices to these levels. Key supply zones are at $2610, $2619–$2626, and $2643.
(This Post on TradingView)
Author : Arman Shaban
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