Gold prices are below the 8-period EMA, signaling bearish momentum. A previously reliable demand zone is now broken and unreliable as support. Traders should watch for movement toward $4,000-$4,075 to fill a fair-value gap, with a conservative stance recommended.
Morning everybody, so let's look at the chart. I don't see any changes. Candles are still below the 8 EMA, so this was like $180, uh, drop. Um, I see that it's come up to that demand zone, but this demand zone over here is mitigated, so we can't look at that as a demand zone. As it's not there anymore. There may still be orders, buy orders, in this area. We don't know, we'll have to wait and see. I said that the price could probably go down to about $4,000 over there. What's definitely going to happen, I think, in the short term is that the price is going to enter into this area over here. So here's price over there, and then we've got this fair value gap over here that still needs to be filled. So the price could definitely come down to that support zone over there, and the price is about 4,075, somewhere around there. What I can also say is that there is this, this dragonfly doji over here with this long wick that has dipped into this demand zone, which is at the $4,000 mark, so over here. So anything from 4,031 down to about 3,992 is very, very possible. So the war is still on, nothing's changed, and we still need to be very conservative. So for me, it's still a risk-off, and we will speak more on the groups.
Cheers.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
