FX.co ★ XAU/USD, GOLD

Hello traders! Technical analysis of the GOLD instrument. On the daily chart, after a decline from the historical maximum, the price is trading in a narrow range around 3900 - 4000. The trend appears to be ascending, but the area around 3930, which the market has been trading in, is very attractive for a breakout. Surely, there are many stop orders and limit orders gathered there, so it is essential to check it. As a result, I expect a continuation of the decline towards the level of 3800.

On the hourly timeframe, the price is moving around the local scale LPS.