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🟨 Daily GOLD Forecast – 8.12.2023

The price of gold continues its horizontal movement. The market exhibits a bouncing behavior within the defined range limits. I anticipate the market will engage in a ranging phase for accumulation purposes. Historically, the price tends to move sideways around significant levels. I foresee a potential downward movement to retest the support level and potentially break through the established upward channel. A false breakout often indicates the absorption of liquidity above the resistance. Following this, the market may descend to reevaluate the critical support at 2000. My objective is the support level at 2012.27.

Posted: December 8, 2023 at 10:08 am

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