Gold :- more fall ahead
From the chart, we can observe key indicators like moving averages, support, and resistance levels. To predict the next price direction:
1. **Current Price**: The gold price is near $2,609, testing the support level.
2. **Key Support Levels**:
- $2,618.889: Acting as immediate support (blue line).
- $2,485.654: A stronger support further below (purple line).
3. **Resistance Levels**:
- $2,637.550 and $2,660.459 are nearby resistance levels (green and red lines).
4. **Moving Averages**:
- The price appears below key moving averages, indicating bearish momentum.
5. **Trend Analysis**:
- The price is consolidating after a drop, showing potential for continuation if support breaks.
Key observations:
1. The immediate support at $2,618 might be tested soon.
2. If this level holds, we may see a bullish reversal targeting $2,637 or $2,660.
3. A breakdown below $2,618 could lead to a drop toward $2,485.
1. **Current Price**: The gold price is near $2,609, testing the support level.
2. **Key Support Levels**:
- $2,618.889: Acting as immediate support (blue line).
- $2,485.654: A stronger support further below (purple line).
3. **Resistance Levels**:
- $2,637.550 and $2,660.459 are nearby resistance levels (green and red lines).
4. **Moving Averages**:
- The price appears below key moving averages, indicating bearish momentum.
5. **Trend Analysis**:
- The price is consolidating after a drop, showing potential for continuation if support breaks.
Key observations:
1. The immediate support at $2,618 might be tested soon.
2. If this level holds, we may see a bullish reversal targeting $2,637 or $2,660.
3. A breakdown below $2,618 could lead to a drop toward $2,485.
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.