FX.co ★ IraniTrader | XAU/USD, GOLD

Gold M15 Chart Analysis: The current pricing behavior of the gold currency pair is the main subject of our investigation. I discovered that the gold pair was trading in a narrowing triangle when I examined the daily chart. Within this triangle, the seller's stops would be activated, leading to a bullish exit to remove them. The pair would then fall to the 3786.22 support level. The currency pair made a U-turn, updated its prior highs, and started trading in a range after triggering the seller's stops. This range was dominated by the buyer's volume. In order to remove the seller's stops from the rectangle, I anticipated that the pair would continue to advance bullishly. However, as I could not see any grounds for gold to increase, I did not anticipate the currency pair updating past highs. Even if inflation halted, it wouldn't be enough to cause gold prices to climb. In spite of this, gold upgraded its highs and hit the 4090.32 resistance level. I saw that as a positive indication that the pair will break through the 4011.04 support level and begin to drop. The currency pair recovered to the broken level since the market support was insufficient. There was a big drop on Friday, and I think it will keep going until it reaches the 3786.22 support level. Due to numerous strong support levels, the price will not drop below 3916.38. This could alter, though. When I looked at the gold situation on M15, I saw that on Friday the price leaped out of the rising channel and stopped between the resistance levels of 3975.38 and the support level of 3963.38. Given that there was no correction during trade, this incomplete level might be in the Asian session. I don't exclude 3956.38, but given the strong oversold scenario on the M15, this might happen later. Depending on which support the reversal will be, the resistances of 3975.38 and 3985.38 are currently purchase targets.