Technical Analysis of Gold's Movement in the Short and Medium Term

Gold is currently moving sideways on the 4-hour timeframe, following its recent rise and reaching the daily supply zone.

Gold is expected to continue moving sideways in the short term until this movement ends and a new trend begins.

Expected Scenarios

The first scenario is a continuation of the upward movement in the short term, reaching the upper supply zone near 4427, which represents the upper limit of the sideways trend. A break above this level would suggest continued upward movement in the long term.

The second scenario is a decline, provided that the current demand zone around 4313 is broken and a 4-hour candle closes below it. In this case, we might see gold fall to approximately 4166.