Gold Analysis – 13.Aug.2024
Gold Analysis: Upon reviewing the 2-hour chart of gold, we see that yesterday, the price did not meet the condition we set for a drop (staying below $2439) and instead started to rise further. It reached the second supply zone of $2473 to $2484, then corrected by 180 pips down to $2458. Currently, gold is trading around the $2471 level again, and we need to see if it will get rejected from this important level once more. The reason for the renewed gold rally was the lower-than-expected PPI data.
(This Post on TradingView)
Author : Arman Shaban
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