Gold Price Analysis: Potential Breakout or Correction?
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2. 4-Hour Chart Breakdown
On the 4-hour chart, Gold has completed an impulse leg followed by a correction. The price action suggests a possible continuation pattern, but we also see the risk of a deeper correction depending on how the market reacts around key zones.
Potential Scenarios:
- Bullish Continuation: If the price breaks above the $2,500 level, look for a continuation towards $2,530 and possibly beyond.
- Bearish Correction: A move below $2,480 could trigger further downside, potentially bringing the price back towards $2,450.
