Title: Gold Futures (GC1!) - Consolidation Under Key Resistance
On the 1-hour timeframe, Gold Futures are showing signs of consolidation near a significant resistance zone. Here’s the breakdown:
Resistance Zone (Upper Blue Area)
Price is trading under a clear resistance zone around 2,690–2,700. The rejection here indicates selling pressure at this level.
Bearish Trendline (Red Line)
A minor bearish trendline suggests weakening momentum, which aligns with the resistance zone acting as a supply area.
Support Levels (Lower Blue Areas)
Immediate support lies near 2,650, providing potential buying interest if the price pulls back.
A stronger support level is visible around 2,620, coinciding with prior price reactions.
Potential Scenarios
Bearish Case: A breakdown below 2,650 could lead to a further decline toward the next support at 2,620.
Bullish Case: A breakout above 2,700 would shift the bias, potentially targeting higher levels like 2,730.
Key Levels:
Resistance: 2,690–2,700
Support: 2,650 and 2,620
Short Bias:
Look for price to sweep above 2,690 and reject the resistance zone. Target 2,650 and 2,620 for potential profits.
Long Setup:
If price reacts strongly at 2,650, align long trades targeting the resistance zone at 2,690.
Resistance Zone (Upper Blue Area)
Price is trading under a clear resistance zone around 2,690–2,700. The rejection here indicates selling pressure at this level.
Bearish Trendline (Red Line)
A minor bearish trendline suggests weakening momentum, which aligns with the resistance zone acting as a supply area.
Support Levels (Lower Blue Areas)
Immediate support lies near 2,650, providing potential buying interest if the price pulls back.
A stronger support level is visible around 2,620, coinciding with prior price reactions.
Potential Scenarios
Bearish Case: A breakdown below 2,650 could lead to a further decline toward the next support at 2,620.
Bullish Case: A breakout above 2,700 would shift the bias, potentially targeting higher levels like 2,730.
Key Levels:
Resistance: 2,690–2,700
Support: 2,650 and 2,620
Short Bias:
Look for price to sweep above 2,690 and reject the resistance zone. Target 2,650 and 2,620 for potential profits.
Long Setup:
If price reacts strongly at 2,650, align long trades targeting the resistance zone at 2,690.
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