Following my analyses on August 18th and September 5th, 2024, I have maintained a bullish outlook for Gold. However, my strategy has been to wait for the price to hit my sell zone of 2700 rather than entering a buy position.
After reviewing the H4 chart, it's clear that the bulls have failed to break above the 2530 resistance on six occasions. As a result, I’ve shifted my stance and now believe Gold has likely peaked for the year. The presence of two consecutive bearish weekly candles further reinforces this view.
Any move back towards the resistance should be seen as an opportunity to sell at a better price. I've identified two key target levels: 2300 and 2100.
This is my current take on Gold. Remember, always follow proper risk management.
After reviewing the H4 chart, it's clear that the bulls have failed to break above the 2530 resistance on six occasions. As a result, I’ve shifted my stance and now believe Gold has likely peaked for the year. The presence of two consecutive bearish weekly candles further reinforces this view.
Any move back towards the resistance should be seen as an opportunity to sell at a better price. I've identified two key target levels: 2300 and 2100.
This is my current take on Gold. Remember, always follow proper risk management.
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