Global Gold Analysis (Daily Time Frame)
In the past week, the global gold ounce moved according to the announced alternative scenario and reached the 2726 range, immediately rejecting from this area.
- Main Scenario: Given the downward slope, it is expected that gold will first reach the support range of 2614 to 2606. If this range is broken, the number 2537 will be waiting for gold.
- Alternative Scenario: If gold returns from the current area or from the range of 2614 to 2606, the first target for gold will again be the 2726 area, and the next target will be 2790.
Gold Analysis (4-Hour Time Frame)
After breaking the range area and moving towards 2726, gold has now returned to the broken area and can bounce back from these areas, i.e., the range of 2646 to 2634. However, given the downward slope:
- Main Scenario: If the current support area is broken, the next target for gold will be the range of 2614 to 2606.
- Alternative Scenario: If gold returns from the current area, the first target will be 2693 and then 2726.
Gold Analysis (15-Minute Time Frame)
Given the current downward trend, it is expected that gold will continue this decline. However, the range of 2646 to 2634 can be an important area for price reversal and return gold to an upward trend. For this reversal, the price needs to first reclaim the 2664 area.
- If the above scenario does not occur and the decline continues, the price can experience the ranges of 2614 and lower.