📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
After the crazy Monday's price action with a new ATH (All Time High) followed by 3 support breaks, Gold continued down and test 2010 next technical support. After the price dropped and touched that level and a reversal followed. Although this is a positive sign for bulls, confirmation is needed. And after the strong sell-off, it could barely be a correction. As we can see from the chart, this confirmation comes with a break back above the 2040 resistance in which case we could consider the level confirmed. On the other hand, a break under 2010 is not good at all for bulls and could lead to a drop towards 1940. I remain on the sideways till clarification.
📊QUICK FUNDAMENTAL LOOK
Gold prices moved higher to above $2030 an ounce on Wednesday, tracking a softer dollar as traders continue to bet the tightening campaign from major central banks is over and try to assess the timing interest rates will start to fall.
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