Hello everyone,
GOLD 4H NEW FORECAST
The gold price continues to present negative trades, gradually approaching our expected target at 2260.
The 2260.level represents the 50% Fibonacci retracement level of the entire rally measured from 1984 to 2442.
Breaking this level will extend the bearish wave to reach 2207 as the next target.
We note that the price is forming lower peaks that support opportunities to continue the decline and achieve more negative targets.
The 50 moving average forms continuous negative pressure against the price.
Between support 2260 and resistance 2305 .
GOLD 4H NEW FORECAST
The gold price continues to present negative trades, gradually approaching our expected target at 2260.
The 2260.level represents the 50% Fibonacci retracement level of the entire rally measured from 1984 to 2442.
Breaking this level will extend the bearish wave to reach 2207 as the next target.
We note that the price is forming lower peaks that support opportunities to continue the decline and achieve more negative targets.
The 50 moving average forms continuous negative pressure against the price.
Between support 2260 and resistance 2305 .
