FX.co ★ king.zelda | XAU/USD, GOLD

Hello traders, GOLD / Gold / XAUUSD

Technical analysis of the pair on a 5-minute chart. Short-term. Here, the price at the level of 4852.55 probably hit the timeframe maximum and started to correct downwards from there. The price began to work within a large red zone, a blue zone that is just starting to form, which could act as a resistance level as the price descends. The price may fully work through the red zone, with reference points below - support levels MA - the black line at 4689 and the double bottom level at 4607.20.