Gold, Technical Analysis – H4
Gold continued its decline as expected and remains challenged by the absence of solid supports.
Gold continued its decline as expected and remains challenged by the absence of solid support levels. Demand — particularly from short-covering and profit-taking — could be met in the $4,050 zone, which the price may reach after first testing the pivot level at $4,175.
Key Levels:
□ $4,175 (pivot)
□ $4,050 (support)
Primary Scenario:
Retracement to $4,175, followed by a decline toward $4,050.
Alternative Scenario:
Direct decline toward $4,050 from current levels.
Analyst Commentary:
A clear and unambiguous bearish trend. Avoid long positions.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.