By analyzing the #Gold chart on the 2H timeframe, we can see that after the previous update, price first dropped toward $3959 and swept the liquidity resting below $3969.
After this liquidity sweep, buyers stepped in and pushed Gold higher toward the important $4040 supply zone. Once price reached this area, sellers became active again and pushed Gold back down toward $3999.
Currently, Gold is trading around $4020. In my view, this bullish move is more likely to remain a temporary correction rather than the beginning of a larger recovery.
The nearest supply zones are located around $4023 – $4040, followed by the stronger resistance area between $4060 – $4080. On the downside, the closest demand zones are around $3990 – $4000, followed by $3958 – $3970 and deeper support between $3935 – $3950.
I still expect another stronger bearish wave to begin soon. A clear stabilization below the psychological $4000 level would increase the probability of further downside toward the lower demand and liquidity zones.
Gold’s recent price action has become extremely unstable and difficult to trade. However, our approach remains unchanged: focus on the important levels, manage risk properly, and always use a clear stop-loss. For now, my main bias remains bearish.
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
After this liquidity sweep, buyers stepped in and pushed Gold higher toward the important $4040 supply zone. Once price reached this area, sellers became active again and pushed Gold back down toward $3999.
Currently, Gold is trading around $4020. In my view, this bullish move is more likely to remain a temporary correction rather than the beginning of a larger recovery.
The nearest supply zones are located around $4023 – $4040, followed by the stronger resistance area between $4060 – $4080. On the downside, the closest demand zones are around $3990 – $4000, followed by $3958 – $3970 and deeper support between $3935 – $3950.
I still expect another stronger bearish wave to begin soon. A clear stabilization below the psychological $4000 level would increase the probability of further downside toward the lower demand and liquidity zones.
Gold’s recent price action has become extremely unstable and difficult to trade. However, our approach remains unchanged: focus on the important levels, manage risk properly, and always use a clear stop-loss. For now, my main bias remains bearish.
Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !
Best Regards , Arman Shaban
Trade closed manually
After last night’s analysis, Gold dropped back to $4000, then rallied more than 800 pips in under 8 hours and reached $4084 inside the $4070–$4090 supply zone. Price is now around $4070, and I think a rejection from this area is possible.Don’t get married to a bullish or bearish bias. We are traders, so we trade the important levels with a clear stop-loss and proper risk management.
Stay tuned, my new complete Gold analysis will be posted within the next few hours today.
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📘 Wanna Learn ICT & SMC? Get the Full Book Here : bit.ly/ICT-BOOK
⚜️ Free Telegram Channel : telegram.me/PriceAction_ICT
⚜️ JOIN THE VIP 👉 t.me/ArmanShabanTrading
🚀 MondFX — our trusted Broker : bit.ly/MondFx
⚜️ Free Telegram Channel : telegram.me/PriceAction_ICT
⚜️ JOIN THE VIP 👉 t.me/ArmanShabanTrading
🚀 MondFX — our trusted Broker : bit.ly/MondFx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.