Gold has been facing selling pressure all week, but may have found some bullish growth heading into the coming week. The commodity managed to find bullish pressure (potentially) from the 3154 zone, which was previously resistance, turning into support. This may lead to an upward move to the nearby resistance at 3250. If the upward pressure stabilises above 3250, price action may continue to grow. Conversely, if price action stabilises under the 3250 barrier, a bearish outlook may be favourable.
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First target hit. The buy scenario looks like it may continue based on how the market is behaving!
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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.