Gold is consolidating above a demand zone but the analyst redrawn it lower based on recent price action and Doji candles. He expects potential downside toward 3,927-3,900, citing geopolitical conflict and an AI market crash as risks pushing gold lower.
what I said yesterday would happen. We've got consolidation here in this area just above the— this demand zone over here. I said there was going to be sideways chop, which is what is happening. Not sure what the direction is yet, we'll have to wait and see. I've redrawn this demand zone at the bottom because the— I don't think that The— I don't think demand started here in this area. I believe demand started here in this area. That's where I believe demand started, from here to here. That's where the demand really started. That's why I've redrawn this. So if we really like zoom in, you can really see what I'm talking about. Yes, there is and there are dojis over here, like in this area here. But I don't believe that is really where it started. I think it started here. That's where I think it did start. And if we actually— if I edit this, let me try and edit. You can see here, if I move this up where the candle went down to, which is there, that's the, the last liquidity sweep in that area. And that's why I've redrawn it the way I've redrawn it, because I believe that that's where the demand is. So that's what's happening. We're very south. We could see further sweep south to 3927, 3900. I definitely think that's what's going to happen, especially now that there's so much uncertainty in the war. But with this AI crash and everything, who knows what's going to happen. We need to wait and see. Cool, I'll check you on the groups, guys.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
