Gold Price Analysis: Short-Term Pullback Before Resuming Uptrend
hello guys.
let's analyze gold
Resistance and Pullback:
The price recently tested a resistance zone around $2,900, which could indicate exhaustion in the current uptrend. The immediate pullback from this level suggests that buyers are taking profits, and the market may temporarily retreat.
Support Zone:
The blue support zone (ranging from $2,820 to $2,840) is crucial. This area aligns with the rising trendline, and it is expected to provide support. If the price reaches this region, it could trigger another round of buying, pushing gold higher once again.
Next Move:
If gold prices successfully hold above the support zone, we might see a continuation of the uptrend toward the upper boundary of the channel, potentially targeting $2,950 to $3,000 in the coming weeks.
However, if the support fails, a deeper pullback could test the next key levels below $2,800 before the market can resume its upward trajectory.
Conclusion:
The pullback from the $2,900 resistance zone suggests a likely short-term correction. Gold prices are expected to test the blue support zone around $2,820 before potentially resuming the bullish trend toward higher levels.
let's analyze gold
Resistance and Pullback:
The price recently tested a resistance zone around $2,900, which could indicate exhaustion in the current uptrend. The immediate pullback from this level suggests that buyers are taking profits, and the market may temporarily retreat.
Support Zone:
The blue support zone (ranging from $2,820 to $2,840) is crucial. This area aligns with the rising trendline, and it is expected to provide support. If the price reaches this region, it could trigger another round of buying, pushing gold higher once again.
Next Move:
If gold prices successfully hold above the support zone, we might see a continuation of the uptrend toward the upper boundary of the channel, potentially targeting $2,950 to $3,000 in the coming weeks.
However, if the support fails, a deeper pullback could test the next key levels below $2,800 before the market can resume its upward trajectory.
Conclusion:
The pullback from the $2,900 resistance zone suggests a likely short-term correction. Gold prices are expected to test the blue support zone around $2,820 before potentially resuming the bullish trend toward higher levels.
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the breakout happenedNote
Note
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👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.
👉 My recommended exchange(you can get up to $5050 bonuses): lbank.one/join/uF7u10M
____
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.