Gold Analysis – 17.Jan.2024
Gold Analysis: By re-examining the gold chart in the 4-hour time frame, we see that the price entered the demand range of $2029 to $2035 based on the initial expectation, and after reaching this zone, it was able to grow to about $2042, and after this initial positive reaction, it continued As we expected, gold fell more and managed to correct up to $2018! The range of $2016 to $2019 was an important Demand Zone , that’s why it reacted to this level! Now the most important condition for the continuation of this downward trend is to stabilize the price below $2032! If this happens, I expect it to fall below the levels of 2014$, whose possible targets will be 2007$, 2000$ and 1997$, respectively! An important point that should be noted is that gold has created a liquidity Void with its fall from $2055 to this moment, which is likely to be filled in the short term, And one of the important conditions for this to happen is the stabilization of the price above $2032! I hope this analysis is useful for you!
(This Post on TradingView)
Author : Arman Shaban
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