Gold (XAU/USD) Price Analysis Based on the Chart
The chart shows an uptrend, with the price following a strong ascending trendline (red line).
2. Support & Resistance Levels:
Support Zone: Around $2,796.68 (highlighted in green). This is a critical level where price may find buying interest.
Resistance Zone: The price is approaching the $2,900+ region, where sellers might step in.
The price is expected to pull back towards the trendline and the $2,796.68 support zone.
After the pullback, a bounce is anticipated, with the price likely continuing its uptrend.
3. Key Considerations:
If the price holds above $2,796.68, it could continue its bullish momentum.
A break below the trendline and support zone may indicate a trend reversal.
Watch for market events (e.g., economic data, Fed decisions) that may impact gold prices.
Conclusion:
Gold remains bullish, but a short-term pullback is likely before a continuation of the uptrend. Traders should monitor the $2,796.68 support level and trendline for confirmation of the next move
The chart shows an uptrend, with the price following a strong ascending trendline (red line).
2. Support & Resistance Levels:
Support Zone: Around $2,796.68 (highlighted in green). This is a critical level where price may find buying interest.
Resistance Zone: The price is approaching the $2,900+ region, where sellers might step in.
The price is expected to pull back towards the trendline and the $2,796.68 support zone.
After the pullback, a bounce is anticipated, with the price likely continuing its uptrend.
3. Key Considerations:
If the price holds above $2,796.68, it could continue its bullish momentum.
A break below the trendline and support zone may indicate a trend reversal.
Watch for market events (e.g., economic data, Fed decisions) that may impact gold prices.
Conclusion:
Gold remains bullish, but a short-term pullback is likely before a continuation of the uptrend. Traders should monitor the $2,796.68 support level and trendline for confirmation of the next move
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Disclaimer
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JOIN MY FREE FOREX & GOLD SIGNALS TELEGRAM CHANNEL
USER𝐍AME. @XKing05
t.me/+wX1pwTyx-0VmODI0
EXNESS BROKER : one.exnesstrack.net/a/iok5e2yuvx
USER𝐍AME. @XKing05
t.me/+wX1pwTyx-0VmODI0
EXNESS BROKER : one.exnesstrack.net/a/iok5e2yuvx
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.