Gold likely to drop further despite tariff concerns!

4月8日

Hey Traders!

Taking a step back and analyzing Gold on the higher timeframes, we can clearly see that price has been respecting a rising channel—though not without the occasional breakout (as always, the market rarely follows levels to perfection).

Most recently, price faced a strong rejection from the upper boundary of the channel, leaving behind a notable wick on weekly timeframe that suggests weakening bullish momentum. Based on this, I’m anticipating a deeper retracement in the coming sessions.

My next area of interest lies around the 2900 zone, which also aligns perfectly with the 78.6% Fibonacci retracement level—a key confluence that could attract buyers again.

📉 Will Gold continue sliding lower before finding support? Or are the bulls planning another surprise?
I’d love to hear your thoughts—drop your take in the comments below! 🔍👇

If this analysis provided value, a boost would mean a lot. Thanks for the support and happy trading! 🚀💛

4月8日

註釋

If price pushes through 3038 and shows signs of weakness, I’ll be on the lookout for a solid short setup.