XAUUSD .
EVERY BUYER ABOVE $4600 IS IN DANGER ๐๐
So as per our weekly analysis, the drop in gold that we were expecting has already started, and gold has now come close to $4600.
Gold has started showing a reversal from $4604, but this move is not valid. Instead, itโs just a way to give hope to those buyers who are still not ready to accept losses. The market is trying to attract some buyers above $4600 to create liquidity for a further push down.
As soon as some buying comes in above $4600, we can expect a sharp downside move again during the New York session. Once $4600 breaks down, panic may start in the market, and we could see gold falling towards $4570โ$4580 within the next few hours.
Along with that, the $4557โ$4575 zone may act as a short-term support because the $4700 level has already been broken, and $4600 is likely to break as well.
On the chart, there is a black line around $4644. For the past few days, gold was trying to sustain above this level, but now it has broken down. This breakdown happened directly, which means sell limit orders placed below this level have already been triggered.
Right now, those sellers are sitting in profit. The market may show them some profit, but since $4557โ$4575 is a support zone, buyers might try to defend that area.
From there, I expect a short-term upside move just to trap the sellers whose positions got triggered, and after that, we should see continuation to the downside again.
The overall structure is strongly bearish, so avoid buying near the mentioned support zones and focus on trapping buyers instead.
I hope this quick update is clear. The structure is strongly bearish, so avoid buying above the support zones mentioned. The focus should be on trapping buyers and trading with the bearish momentum.
farah khan
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