Gold, Technical Analysis – H4

The trading range in gold continues to narrow progressively, leaving limited remaining space and indicating that a resolution is approaching. The character of the consolidation remains bearish; therefore, a downside breakout of the range is the more probable outcome. Key support is located at $4,000.

Key Levels:

⬜ 1. $4,000 — key support/range lower boundary

⬜ 2. $4,100 — range upper boundary

Primary Scenario;

Continued consolidation within the $4,000–4,100 range.

Alternative Scenario:

Decline below $4,000.

Analyst Commentary:

The main impulse is likely to unfold after the weekend.