XAU/USD | Gold Sharp Sell-Off After ATH, Liquidity Void in Play!
By analyzing the #gold chart on the 4H timeframe, we can see that after our last analysis, price rallied to $4550 and delivered over 700 more pips of profit. After that strong move, gold entered a very aggressive correction. In less than 16 hours, price dropped from $4550 to $4300, which means a $250 or 2500 pips heavy sell-off.
Right now, gold is trading around $4329. This sharp drop has created a very large liquidity void, and I expect this gap to be filled in the short term with a bullish rebound. The expected short-term upside is around 300 to 800 pips, while the medium-term potential could reach 1500 to 2500 pips.
The key medium-term demand zone to watch is $4210 to $4269.This analysis will be updated.
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Best Regards , Arman Shaban