ArmanShabanTrading | Gold : Correction or Breakout? Key Levels in Play

[Arman Shaban]

By analyzing the gold chart on the 1-hour timeframe, we can see that yesterday the price finally started a correction, dropping to $3,717. From this key psychological level, demand stepped in and pushed gold strongly up to $3,761.

Currently, gold is trading around $3,740, but it hasn’t fully stabilized yet. For that, the price needs to revisit the $3,711–$3,726 demand zone. If gold holds there, we could expect another powerful rally toward levels above $3,800. Otherwise, we may soon see it dropping into the $3,600 range.

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Best Regards , Arman Shaban

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