Gold prices dropped by $25 on Thursday, December 4, breaking below the consolidation zone. It's common for gold to test both the highs and lows of consolidation areas ahead of major data releases. I view this decline as a potential manipulation of the lows, anticipating a rebound toward the 2658 level to target the highs before a stronger sell-off resumes after the data release.
Alternatively, the price might extend this manipulation phase further, reaching the 2675-2680 level, where the H4 order block aligns with the upper boundary of the descending channel.
1st Scenario
Short Entry: 2658
Stop Loss: 2663
2nd Scenario:
Short Entry: 2675
Stop Loss: 2690
Targets: 2622 > 2605 > 2589 > 2560 >...>2430
Alternatively, the price might extend this manipulation phase further, reaching the 2675-2680 level, where the H4 order block aligns with the upper boundary of the descending channel.
1st Scenario
Short Entry: 2658
Stop Loss: 2663
2nd Scenario:
Short Entry: 2675
Stop Loss: 2690
Targets: 2622 > 2605 > 2589 > 2560 >...>2430
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