Key Gold Levels
We’re observing a semi-rising wedge formation on the 4-hour timeframe, with the market potentially moving up to the 2530 level. This will help us determine whether the bullish trend will continue or if we might see a rejection. Should the market reject at 2530 and drop below 2510, we could see a significant downward push. Conversely, if Gold rejects from the 2510-2515 range before reaching 2530, it may decline to the 2480-2470 range before resuming its bullish trend. As always, keep your stop-loss tight, set your alerts, and remain patient. Opportunities will arise, so don't worry!
Note
Gold has broken through the 2510-2515. Next level to pay attention too will be around the 2520 level. If this breaks with a 1 HR candle close, we will retest 2530 most likely. A rejection again from that 2530 area will inevitably lead to selling pressure to close out the month. If it is broken, it is best for a 4 HR close above 2530 to have a higher percentage of continuing trend to the psychological level of 2550.
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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.