As we see, there's an immediate reaction in gold with a surge surpassing 1000 points
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Alseif
ยท
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BullishGold is currently at a crucial zone near 4400, which is almost touching the lower boundary of the descending channel on the 4-hour chart. ๐๐
The current area isn't suitable for late shorts, as the price might see a corrective bounce as long as it holds above 4400 / 4380. ๐๐
Staying above this zone supports a corrective rise towards 4480 โ 4500. ๐๐ข
However, a clear break below 4380 would confirm the continuation of the downtrend within the channel, with the next targets being 4320 and then 4260. โ ๏ธ๐ป
In summary: ๐งพ
Gold is at a critical support level, and the decision now lies between a bounce from 4400 or a break below 4380 to continue the downtrend. โ๏ธ๐ฐ
The current area isn't suitable for late shorts, as the price might see a corrective bounce as long as it holds above 4400 / 4380. ๐๐
Staying above this zone supports a corrective rise towards 4480 โ 4500. ๐๐ข
However, a clear break below 4380 would confirm the continuation of the downtrend within the channel, with the next targets being 4320 and then 4260. โ ๏ธ๐ป
In summary: ๐งพ
Gold is at a critical support level, and the decision now lies between a bounce from 4400 or a break below 4380 to continue the downtrend. โ๏ธ๐ฐ