NEW IDEA FOR GOLD
Gold, this precious metal, is experiencing challenging days in the market
Currently, its price is caught in a battleground between buyers and sellers. The price chart shows that $2,644 is acting as a strong bastion for sellers and the price has repeatedly failed to hit this level.
Current market situation
Gold is struggling below this key resistance and buyers do not seem to have the strength to break through it. Instead, sellers gain strength each time the price hits this level, pushing gold lower. The next target of this downward pressure is the $2607 area, which plays the role of an important support bastion.
Possible scenario
If the price remains below the $2,644 level, we are likely to see a bearish move towards $2,607. This scenario shows the weakening of the power of buyers and the dominance of sellers on the market. However, all eyes are on the $2607 level; If this barrier is broken, gold will enter new bearish territory and could move to lower levels.
Currently, its price is caught in a battleground between buyers and sellers. The price chart shows that $2,644 is acting as a strong bastion for sellers and the price has repeatedly failed to hit this level.
Current market situation
Gold is struggling below this key resistance and buyers do not seem to have the strength to break through it. Instead, sellers gain strength each time the price hits this level, pushing gold lower. The next target of this downward pressure is the $2607 area, which plays the role of an important support bastion.
Possible scenario
If the price remains below the $2,644 level, we are likely to see a bearish move towards $2,607. This scenario shows the weakening of the power of buyers and the dominance of sellers on the market. However, all eyes are on the $2607 level; If this barrier is broken, gold will enter new bearish territory and could move to lower levels.
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