The attached chart presents a detailed technical analysis of gold prices on the hourly timeframe. The key highlights are as follows:
1. Supply Zone Resistance:
Price is currently trading near a supply zone around $2,632.592, where a potential rejection is anticipated. This zone acts as a significant resistance level.
2. Projected Price Movement:
Based on the technical setup, a downward price movement is expected after testing the supply zone. The price may decline towards the demand/support zone near $2,590.899 or potentially lower.
3. Key Levels to Watch:
Resistance: $2,632.592 and $2,649.935
Support: $2,604.914 and $2,590.899
This analysis is based on current market behavior, and traders should remain cautious of unexpected price fluctuations. Always apply risk management strategies while trading.
1. Supply Zone Resistance:
Price is currently trading near a supply zone around $2,632.592, where a potential rejection is anticipated. This zone acts as a significant resistance level.
2. Projected Price Movement:
Based on the technical setup, a downward price movement is expected after testing the supply zone. The price may decline towards the demand/support zone near $2,590.899 or potentially lower.
3. Key Levels to Watch:
Resistance: $2,632.592 and $2,649.935
Support: $2,604.914 and $2,590.899
This analysis is based on current market behavior, and traders should remain cautious of unexpected price fluctuations. Always apply risk management strategies while trading.
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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.
Unlock Market Insights! 🚀
Join our Telegram for expert analysis, free trading signals & real-time updates. Stay ahead in the game.👇
t.me/OliviaGrace_0
Join our Telegram for expert analysis, free trading signals & real-time updates. Stay ahead in the game.👇
t.me/OliviaGrace_0
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.