Despite a volatile day that saw minor losses in XAU/USD, gold prices continue to experience downward pressure. The recent release of US GDP details has signaled an upbeat inflation component, favoring US Dollar bulls and further contributing to the decline in XAU/USD. Additionally, market fears caused by First Republic Bank have also weighed on gold prices, but tech earnings have moderated the downside.
From a technical standpoint, the H4 timeframe for GOLD shows the price approaching a demand zone where it has previously experienced multiple rejections. This could represent an opportunity for traders to purchase the metal at a discount before a new bullish impulse occurs.
Given this analysis, we recommend considering a long position on gold, taking advantage of the potential for a rebound at the demand zone and a new bullish movement in the future.
From a technical standpoint, the H4 timeframe for GOLD shows the price approaching a demand zone where it has previously experienced multiple rejections. This could represent an opportunity for traders to purchase the metal at a discount before a new bullish impulse occurs.
Given this analysis, we recommend considering a long position on gold, taking advantage of the potential for a rebound at the demand zone and a new bullish movement in the future.
