Gold trend continuation
Price Action & Trend
Current Price: $2,935.05 (-0.35%)
Gold is in an uptrend, making higher highs and higher lows.
The price has recently pulled back from a high of $2,947.56, indicating possible resistance around this level.
The last few candles show a minor pullback, suggesting either profit-taking or the start of a correction.
2. Support & Resistance Levels
Resistance Zone: Around $2,945 - $2,950, where price was rejected.
Support Levels:
$2,920 - $2,925 (Previous minor support)
$2,900 (Psychological round number)
$2,880 (Key swing low)
3. RSI (Relative Strength Index) Analysis
Current RSI Level: 44.90 (below the neutral 50 level)
Several bearish divergences (red marks) occurred previously, suggesting weakening momentum.
RSI dropping below 50 may indicate further downside potential.
4. Possible Scenarios
Bullish Case (Bounce from Support)
If the price finds support around $2,925 - $2,920, it could resume its uptrend.
A break above $2,945 - $2,950 may push price to new highs.
Bearish Case (Breakdown)
If the price breaks below $2,920, we may see a drop to $2,900 or even $2,880.
RSI below 50 supports the possibility of further decline.
Conclusion
Short-term traders: Watch $2,925 - $2,920 for a potential bounce or breakdown.
Trend-followers: The uptrend remains intact, but a deeper pullback could provide a better buying opportunity.
Current Price: $2,935.05 (-0.35%)
Gold is in an uptrend, making higher highs and higher lows.
The price has recently pulled back from a high of $2,947.56, indicating possible resistance around this level.
The last few candles show a minor pullback, suggesting either profit-taking or the start of a correction.
2. Support & Resistance Levels
Resistance Zone: Around $2,945 - $2,950, where price was rejected.
Support Levels:
$2,920 - $2,925 (Previous minor support)
$2,900 (Psychological round number)
$2,880 (Key swing low)
3. RSI (Relative Strength Index) Analysis
Current RSI Level: 44.90 (below the neutral 50 level)
Several bearish divergences (red marks) occurred previously, suggesting weakening momentum.
RSI dropping below 50 may indicate further downside potential.
4. Possible Scenarios
Bullish Case (Bounce from Support)
If the price finds support around $2,925 - $2,920, it could resume its uptrend.
A break above $2,945 - $2,950 may push price to new highs.
Bearish Case (Breakdown)
If the price breaks below $2,920, we may see a drop to $2,900 or even $2,880.
RSI below 50 supports the possibility of further decline.
Conclusion
Short-term traders: Watch $2,925 - $2,920 for a potential bounce or breakdown.
Trend-followers: The uptrend remains intact, but a deeper pullback could provide a better buying opportunity.
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.
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.