Gold is attempting to recover after bouncing from the $2,891-$2,895 support area (green arrow). The recent breakdown led to a retest of the major demand zone, which has historically provided strong buying interest.
🔹 Support & Resistance Levels:
Support: $2,891-$2,895 (blue line & previous demand).
Resistance: $2,939-$2,945 (red arrow) – a key supply zone that must be cleared for further upside.
🔹 Bullish Case:
If price breaks above $2,939-$2,945, we could see a push toward $2,956+ (previous highs).
The bounce from the lower Bollinger Band and VWAP support signals potential upside momentum.
🔹 Bearish Case:
If price fails to break above $2,939, another drop to $2,891 or lower is possible.
A rejection from resistance could confirm a lower high, signaling continued weakness.
⚠️ Key Level to Watch: $2,939-$2,945 – Breakout or Rejection?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.