If we look at the 4-hour chart of the Gold commodity asset, it can be seen that the price movement is moving above the WMA (30 shift 2) with a slope that dips upwards, which indicates that buyers dominate this market, but in the near future Gold has the potential to be corrected downwards, which is confirmed by the indicator. The Stochastic Oscillator is at the Overbought level where level 1900.38 will be the main target to be aimed at and level 1881.79 will be the next target unless on its way to these target levels Gold returns to its initial bias (bull) until it breaks above level 1932.44 then all downward correction scenarios that have been described previously will become invalid and cancel themselves.
(Disclaimer)
