Gold: Key Levels to Watch for Next Big Move !
Gold (XAU/USD) has been oscillating between key levels, currently eyeing a potential breakout. Price is consolidating near the $2,738.82 level, with strong resistance just ahead at $2,740.89 and $2,744.31. Bulls need to clear these levels decisively to maintain the upward momentum.
If gold breaks through $2,744.31, we could see a sharp rally towards higher resistance zones. However, a failure to break higher could lead to a retracement, with the $2,728.41 and $2,727.25 support levels as key targets for a downward move.
In the event of a bearish scenario, a break below $2,727.25 could trigger a larger sell-off, potentially driving the price towards $2,715.59 or lower. Traders should monitor price action at these crucial levels for clear signals of the next directional move.
If gold breaks through $2,744.31, we could see a sharp rally towards higher resistance zones. However, a failure to break higher could lead to a retracement, with the $2,728.41 and $2,727.25 support levels as key targets for a downward move.
In the event of a bearish scenario, a break below $2,727.25 could trigger a larger sell-off, potentially driving the price towards $2,715.59 or lower. Traders should monitor price action at these crucial levels for clear signals of the next directional move.
Related publications
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.