Gold Technical Analysis – 4-Hour Timeframe
On the 4-hour timeframe, gold is currently trading within an ascending channel. As long as the highlighted yellow zone remains unbroken, the price of gold is likely to continue consolidating within this range.
Gold Technical Analysis – 1-Hour Timeframe
Gold is oscillating within the area shaded in blue. If a valid break occurs below the range lower, a continued decline in gold toward the 1-hour demand zone around $2,450, which coincides with the lower boundary of the 4-hour channel, is expected. Conversely, if support holds at the range lower, the likelihood of a price increase in gold toward the $2,530 price level will rise.