IS #GOLD READY TO CLIMB HIGHER?(TARGETS AND SUPPORTS)

8 Eki 2024

Summary of today's analysis on #Gold 4-Hour Time-Frame ⏰

As long as we remain above the monthly support (2597.415), #Gold shows a tendency to rise 📈.

There are two key support zones from which #Gold can form a bottom and start a rally:
1️⃣ First Zone: 2624.782-2634.690 (Gold has already reacted positively to this zone)
2️⃣ Second Zone: 2597.415-2602.147

Condition for Growth from the First Support Zone (Growth from here): Due to the recent gradual pullback towards the first support zone (the previous bottom), if #Gold breaks the weekly resistance (2650.627) on the 4-hour time-frame, it will form a bottom here and start its move toward the specified targets 🏹.

In case of a pullback from the weekly resistance (2650.627), which #Gold has currently hit, (a pullback can be expected based on a reversal pattern like a double-top formation on this resistance), the second support zone 2597.415-2602.147 could act as the base for forming a bottom and starting the rise.

🎯 Next Growth Targets:
1️⃣ Target 1: 2676.473
2️⃣ Target 2: 2699.107
3️⃣ Target 3: 2722.915
4️⃣ Target 4: 2811.140

❌ Stop-loss for the Growth Scenario: Breaking the support at 2597.415 on the daily time-frame. In this case, the trend would shift from bullish to bearish.

8 Eki 2024

Not

"In the 15-minute time-frame, the direction of the head and shoulders pattern' channel breakout can determine the next move.

📉 A downward breakout of this channel could lead to a drop toward the second support zone, while
📈 an upward breakout would signal the start of growth from this level.