Gold just went through a sharp shakeout. Today, the XAU price dropped nearly $300, catching many traders off guard. But not everyone believes the move marks the start of a deeper slide.
Analyst Shirley argues that the decline may already be complete and expects a rebound into the end of the week. At the center of her view is one key area: $5,000–$5,050.
Looking at the chart, gold has been trading inside a rising channel for weeks. Each pullback has found support along the lower boundary of that channel before pushing to new highs. The recent drop sent the Gold price back toward that lower trendline again, right into the $5,000 region.
That area lines up with previous reaction zones and the lower structure of the channel. So far, buyers have stepped in there repeatedly. If this pattern continues, the latest dip could simply be another higher low within an ongoing uptrend.
Source: X/Shirley
Here’s Where Gold Price Could Go
Shirley is looking to add gold between $5,000 and $5,050.
Her thinking is clear. If buyers defend that pocket, price could work its way back toward the top of the rising channel, which comes in around $5,350 to $5,400. That’s the area gold has struggled with before.
If it breaks above that ceiling and stays there, new highs would be within reach.
But if the gold price slips under $5,000 and can’t get back above it, the setup starts to crack. In that case, a slide toward the mid-$4,800s would be on the table.
Even with the recent swings, she hasn’t changed her bigger view. She still sees gold pushing toward $6,300 this year, as long as the wider environment, rising prices, global tensions, and central bank moves, keeps supporting hard assets.
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