Gold's Bearish Momentum: Key Resistance in Focus
Updated
Gold has shown a minor recovery, currently trading at $2,621, but faces significant resistance around the $2,653 level. The recent price action highlights a rejection from this key resistance zone, suggesting further bearish potential.
The descending trendline and lower highs emphasize a weakening structure. If the price fails to sustain above the resistance, a decline toward the support levels at $2,576 and $2,563 is likely. A break below these levels could accelerate the bearish trend, targeting the next psychological support around $2,500.
The descending trendline and lower highs emphasize a weakening structure. If the price fails to sustain above the resistance, a decline toward the support levels at $2,576 and $2,563 is likely. A break below these levels could accelerate the bearish trend, targeting the next psychological support around $2,500.
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