Gold Market Analysis Update
Our recent analysis on gold's movement confirms a profit-taking phase that pulled the metal down by nearly 3.5% from its high of $2720, breaking all previous 1H support levels and establishing a new support at $2622.
Key Levels to Watch:
- Staying above $2622 on the hourly chart and breaking above the initial resistance at $2641 could signal the end of the profit-taking phase. This would pave the way to retest last week’s resistance levels and potentially regain momentum for another attempt toward $2748.
Important Considerations for the Week:
- Double-Top Formation: A potential double-top near $2748 suggests a higher probability of continuation toward the $2563 support zone.
- Weekly Close Levels: Last week’s close above the previous weekly candle at $2563, with a new close at $2716, is bullish for short-term traders. However, closing this week below $2716 would turn the outlook bearish in the short term.
- Geopolitical Factors: This analysis is based purely on trading behavior and excludes geopolitical developments, which could render these projections invalid if significant events arise. Stay vigilant for any unexpected news.
Final Thoughts:
Enjoy your trading journey and stay safe out there!
"The first rule of investment is don’t lose money. And the second rule of investment is don’t forget the first rule." – Warren Buffett
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