The fate of Gold

19 jul

As you know, in the past week, gold has reached a new high, advancing to the $2483 price range.

🔸In this area, it has retraced from the top of its channel and currently shows a downward trend in the hourly and four-hour time frames.

🔸Given the strength and movement we observe, this decline will likely continue at least to the static level identified in the $2410 range.

At this level, we can enter a position with two scenarios:

1. If we see signs of a trend reversal in this range, we will enter a long position 🛒.
2. If the price reaches this area with strength and breaks through, we will look for short positions down to the bottom of the channel 📉.

💬 What are your thoughts on gold’s movement? Do you see a potential reversal or further decline? Let us know in the comments!

#Gold #XAUUSD #Tradecitypro #TCP #TrendAnalysis #SupportAndResistance #MarketUpdate