📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Yesterday, after a new intraday high, XauUsd started to correct and reached the support zone at around 1955 zone. The precious metal reversed after touching this zone and is trading now at 1966 (time of writing) Although yesterday's candle is a Pin Bar, I maintain my bullish bias and expect up continuation. However, we should keep in mind that a drop under 1950-1955 confluence support could mean reversal to the downside and expose the 1930 zone
📊QUICK FUNDAMENTAL LOOK
"Gold's volatility has receded following the excitement after the U.S. inflation report, and it looks quite comfortable around $1,960 despite the U.S. dollar’s attempt to recoup some of its losses," City Index senior analyst Matt Simpson said.
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