Market Overview
Gold prices have shown a period of consolidation around the $2,916 level, following an earlier upward movement. However, based on technical analysis, we at Brokerir believe that the price is likely to experience a downward correction from $2,914 toward the $2,875 level. If bullish momentum resumes and price breaks above $2,930, this bearish outlook would be invalidated.
Key Levels to Watch
• Support: $2,875 (Target support zone)
• Resistance: $2,930 (Invalidation level)
Technical Indicators & Price Action
MACD (Moving Average Convergence Divergence)
• The MACD histogram is currently showing a slowdown in bullish momentum, which indicates weakening buying pressure.
• A potential bearish crossover may confirm a downside move.
Price Structure & Trend Outlook
• The price has formed a short-term lower high, suggesting that buyers are losing control.
• If selling pressure increases, the price is likely to move toward the $2,875 support zone.
• Any sustained move above $2,930 would indicate that bearish momentum has failed, leading to a continuation of the uptrend.
Conclusion
Gold is at a critical juncture, and Brokerir’s analysis suggests that a move lower toward $2,875 is the most probable scenario. However, a break above $2,930 would invalidate this view and could lead to further upside. Traders should monitor price action carefully to confirm the next move.
This analysis is based on technical data and is for informational purposes only.
Gold prices have shown a period of consolidation around the $2,916 level, following an earlier upward movement. However, based on technical analysis, we at Brokerir believe that the price is likely to experience a downward correction from $2,914 toward the $2,875 level. If bullish momentum resumes and price breaks above $2,930, this bearish outlook would be invalidated.
Key Levels to Watch
• Support: $2,875 (Target support zone)
• Resistance: $2,930 (Invalidation level)
Technical Indicators & Price Action
MACD (Moving Average Convergence Divergence)
• The MACD histogram is currently showing a slowdown in bullish momentum, which indicates weakening buying pressure.
• A potential bearish crossover may confirm a downside move.
Price Structure & Trend Outlook
• The price has formed a short-term lower high, suggesting that buyers are losing control.
• If selling pressure increases, the price is likely to move toward the $2,875 support zone.
• Any sustained move above $2,930 would indicate that bearish momentum has failed, leading to a continuation of the uptrend.
Conclusion
Gold is at a critical juncture, and Brokerir’s analysis suggests that a move lower toward $2,875 is the most probable scenario. However, a break above $2,930 would invalidate this view and could lead to further upside. Traders should monitor price action carefully to confirm the next move.
This analysis is based on technical data and is for informational purposes only.
Trade closed manually
More than 80% of the target passed. I CLOSE THE POSITION HERE
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.