In this chart, I have conducted a technical analysis of Gold Spot against the U.S. Dollar (XAU/USD) on the 4-hour timeframe. The analysis highlights key areas of interest:

Supply Zone: Marked in purple, this region represents a potential area where selling pressure could resume. Historically, prices have shown resistance here, suggesting that traders should monitor this zone for possible reversals or selling activity.

Retracement Levels: I've used Fibonacci retracement levels to assess potential pullbacks. The 0.5 (2,696.90) and 0.382 (2,684.38) levels are particularly notable as possible points where the price may find support or resistance.

Target Area: Indicated by the arrow pointing downward, this is the level where I predict the price could head next if the supply zone holds and selling pressure intensifies. This represents a personal target based on my analysis and not a trade signal.

"Hope for the Best" Label: Positioned just below the supply zone, this label reflects the sentiment of uncertainty as the price approaches this resistance area. It serves as a reminder that market movements can be unpredictable.

Welcome Back Donald Trump: In a broader context, the market may also be impacted by political events. With Donald Trump winning the 2024 U.S. presidential election, there could be shifts in economic policy, which might influence precious metal markets and investor sentiment in the coming months. Keep an eye on these macroeconomic factors as they may play a role in future price actions.

This analysis is shared solely as my interpretation of market data and is not financial advice or a trade recommendation.
FibonacciTechnical IndicatorsMoving Averages

Penafian