Gold Analysis – 18.Sep.2024
Gold Analysis: Upon reanalyzing the gold chart on the 4-hour timeframe, we can see that, as expected, gold experienced a significant drop, with over 200 pips of movement, hitting the targets of $2571 and $2565, and even correcting down to $2560. After this drop, gold faced renewed demand and has risen to $2580 in the past few minutes. However, this was a key supply level, which caused the price to react, and currently, gold is trading around $2577. If the price stabilizes below $2580, we can still expect further corrections in gold. Note that the U.S. interest rate will be announced today, which could bring heavy volatility to the market. So, be cautious with your personal trades and preferably avoid any major trades during the rate announcement and Mr. Powell’s press conference.
(This Post on TradingView)
Author : Arman Shaban
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