GOLD 4 HOUR EDUCATIONAL ANALYSIS UPDATE 19/06/2024
07th June 2024, Gold reacted at 2387 causing price to drop to 2288. This drop has created a new Lower low.
Market then started to range from 2288 but the range is still below or within the Lower High and Lower Low
We also have a FVG area sitting at 2360 area These areas I have marked up are based on higher timeframes so when price reaches a support level or resistance level or a order block or a FVG, it is a very strong area!
We are also stuck in a ranging market in the middle of the month > Look at the monthly candlestick, is the monthly candlestick bearish or bullish or is it looking like its creating a doji, a bullish candle, a bearish candle? This will come with experience
Due to market being stuck in a ranging phase, what is the likelihood right now for Gold to react bullish or bearish. Please bare in mind This ranging market is a 300 pip range! So even as the market is moving sideways, it is bouncing up and down roughly 30$ per ounce of gold if we think about it money wise.
So it is likely for Gold to possibility drop from the FVG or near enough to the OB areas marked up below