FX.co ★ XAU/USD, GOLD

Gold Chart Review: Today we will analyze the price fluctuations of gold. Gold's position is unclear, with the 4580.76 level looming. Today, the price approached this level with low trading volume, almost as if it were about to break through. How will this tool compare to each movement? I would like to see tomorrow's performance, but I expect both volume and price to decline further as it approaches this level. If the 4580.76 level is not held, the next target will be a reasonable threshold of 4553.38. Today's chart covers the entire correction. One large candlestick is followed by another large candlestick, and with this move the price will reach at least the midpoint, so it is impossible to imagine when this option will come back. Returning to gold, the correction is important.

We also need to run lower options for further declines. The target for this decline is the support level of 4560.23. It is a narrow range down to 4572.23, but there will be no major headwinds to the downside until gold reaches its resistance line. There is nothing more we can do. Just $10 failed to reach 1.865, and the rise stalled shortly after Friday. This was the first sign that buyers were not supporting the upward momentum. Conditions were favorable for continued growth, but sellers defended gold as if a corrective downwave was continuing. Now there is weakness, and sellers are reacting and pushing the price down. However, the 4577.23 level only makes one wonder if it will eventually be lost. Gold is likely to rise again, but not by much.