Gold reached $4800 and then said peace out! As it reached the $4800 resistance which is inside the Hourly FVG and just below the Consequent Encroachment of the gap. Then it dropped massively from $4800 all the way to $4553! Then it bounced back up a bit and is now being traded at $4621.
At the moment, Gold is consolidating and it could go either way, however since there are a number of NWOGs and NDOGs below the price, it may be drawn to lower prices, and if it goes below the IFVG, it could drop further and even below the $4500 level! However the support at $4550 level could send Gold back up.
Bearish targets for Gold: 4540, 4530, 4520, 4510 and 4500.
Now, If Gold keeps itself above the $4600 level, it could go back up to retest the April 1st NDOG at $4667 to $ 4674, and if it manages to break through the IFVG, the first resistance on its way is at $4709 and the next one will be at $4736 and if it goes through these 2 levels, it could rise up again to reach $4800 again and go higher to sweep the liquidity, and finally after that the Consequent Encroachment of the gap at $4805, we shall see how Gold reacts to it.
Bullish targets: 4640, 4650, 4660, 4670, 4680, 4690, 4700 and 4710.