ArmanShabanTrading

XAU/USD : Potential Upside After Reaction to Key Demand Zone

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
By analyzing the #gold chart on the 2-hour timeframe, we observe that after the PPI news was announced yesterday, gold initially experienced a price surge. It climbed to $2327 before encountering selling pressure, leading to a correction of over 320 pips down to $2295.

As previously mentioned, the $2295 to $2303 range was a significant demand zone, and the price responded positively to it. Currently, gold is trading around $2331, having broken yesterday's high. If the price stabilizes above $2327, we can anticipate further growth in gold, with the first target being the liquidity pool above $2342.

Additionally, there's a Fair Value Gap (FVG) ahead that might be filled next week, ranging between $2348 and $2373. This presents an exciting opportunity for traders to watch for potential movements in the market.

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Best Regards , Arman Shaban
Comment:
New Poll : Predict the closing price of #GOLD for this week.
Comment:
As you can see, following our previous analysis, #Gold experienced a price increase, rising by 60 pips to reach $2337. After this surge, the price entered a corrective phase, dropping to $2324 before quickly rebounding above $2327.

As I mentioned earlier, the $2327 level is crucial for determining the price trend. If the price closes and stabilizes above this level, we could see an increase to $2342 as the first target. All other assumptions from the previous analysis remain valid.

Comment:
As you can see, gold has corrected from $2335 to $2315, and the time for gold to rise again is approaching. By maintaining support in the $2313 to $2320 range, we will likely see a strong upward movement in gold. More information and details will be provided in the new gold analysis on the 4-hour time frame.

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