The 4-hour chart for GOLD (XAU/USD) shows the price is currently testing a critical support zone around $3,224.18, which aligns with previous swing lows and a confluence of technical factors. The SK System, which combines price action, support/resistance levels, and momentum indicators, highlights the following key observations:
Support Zone: The price has reached a strong historical support level near $3,224.18, where buyers have previously stepped in. This zone is further reinforced by the nearby psychological level of $3,200.00.
Prediction:
Bearish Scenario: A decisive close below $3,224.18 with increasing volume may extend the downtrend toward $3,150.00 or lower.
Support Zone: The price has reached a strong historical support level near $3,224.18, where buyers have previously stepped in. This zone is further reinforced by the nearby psychological level of $3,200.00.
Prediction:
Bearish Scenario: A decisive close below $3,224.18 with increasing volume may extend the downtrend toward $3,150.00 or lower.
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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.