Short-Term Analysis of Global Gold Ounce

The recent drop in the global gold ounce from its daily channel peak, influenced by recent news and events, necessitated this analysis to be shared with you.

🔍 Hourly Time Frame Analysis:
A downtrend has formed, indicated by the green trendline. Given that the second wave of this downtrend is stronger than the first, we anticipate at least a third wave. The targets for this wave can be determined using the Fibonacci projection visible on the chart.

📉 Key Targets:

The minimum target is around the 38% level of the previous wave, approximately at $2381.
If it breaks below the previous low, we can expect a move towards the bottom of the daily channel, around $2310.
However, if the movement concludes with a weak wave, the trendline might break upwards, leading us back towards the historical peak.

Both movements are tradable, so ensure you manage your risk accordingly! 📈💡

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Related Categories:

Trend Analysis
Support and Resistance
Technical Indicators

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