Technical Analysis of XAUUSD in 4-Hour Timeframe: 03/05/2023

deltawriter 3 May 2023

Based on the bearish butterfly pattern observed on the 4-hour timeframe chart for XAUUSD, it is likely that the precious metal will experience a prolonged downtrend. If it fails to break through the red range depicted in the image, the next target prices for the downtrend formation will be the support levels of 2003.411, 1991.844, and 1976.484.

Considering the potential impact of fundamental analysis, news, and other influential factors, it is advised to prioritize your own risk management prior to entering any trades.

Gold technical analysis 3 may 2023 — Gold technical analysis 3 May 2023

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