I am analyzing the pair Gold on the hourly chart. The pair bounced off the resistance at 2423.31, during the significant decrease in volume, and then retraced. I assumed that the uptrend would continue because there was a range and buying volume was increasing. The pair moved slightly higher, formed another range, saw an increase in buying volume again, and I anticipated that the pair would move towards the resistance at 2471.99. However, there was a significant downward movement. The pair broke below the support at 2314.40, and a selling volume appeared on the break of this support. This means that the support has been broken, there is selling volume, indicating a potential decline rather than further growth. I anticipated that the pair would move lower. But then a range formed, and it seems like the pair is continuing to correct upwards. Nevertheless, I still assume that the pair will move lower because, in my opinion, currently the selling volume predominates, and the buying volume is not too high.
Ulasan: