GOLD. Approaching the zone of the beginning of sales
Current Structure:
The upward correction is approaching the selling zone around 2637 USD/oz (labeled as “sell zone”).
The trend line below keeps the structure within the expected decline.
The zone of interest for a potential decline is labeled with a target level at 2548 USD/oz.
Key factors:
The 4-hour EMAs (exponential averages) are crossing and acting as resistance. This strengthens the probability of a decline.
The 61.8% Fibonacci 61.8% also coincides with the sell zone, confirming its significance.
Prediction:
If the price reaches 2637 USD/oz, there is a high probability of a reversal and the beginning of the decline.
The target is 2548 USD/oz.
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