8/9 Gold Personal Subjective Analysis:
From the end of July to the first week of August, the 4H chart shows gold forming a narrowing channel. Typically, such a trend indicates a high probability of a significant move in the near future.
Now, attention should be given to price fluctuations within the channel. Orders can be placed high and low within the narrowing channel.
Examining the 30-minute time frame from yesterday's European session, gold reached the key level of 2407, broke through the resistance at 2415, and rose to 2428 before beginning a pullback adjustment.
Gold should be observed closely. Today, pay attention to the key retracement levels of 2407 and 2415. If these levels hold, it may be an opportunity to enter long positions within the range.
If long positions are established, watch the key resistance levels of 2434 and 2451.
