GOLD / Strong Reversal from Pivot Line
Updated
Gold Price Analysis: Strong Reversal from Pivot Line
Gold prices have reversed sharply from the pivot line at 2475, now serving as a strong resistance level. The price has also breached the 2420 mark, continuing the bearish trend towards 2397. Consolidation is expected between 2397 and 2420 until a breakout or next week's movement occurs.
Gold prices have reversed sharply from the pivot line at 2475, now serving as a strong resistance level. The price has also breached the 2420 mark, continuing the bearish trend towards 2397. Consolidation is expected between 2397 and 2420 until a breakout or next week's movement occurs.
- Bullish Scenario:
The price should break above 2420 and stabilize to enter a bullish trend. This would open the path towards 2428 and potentially 2450. - Bearish Scenario:
As long as the price trades below 2420, it is likely to drop to 2397. A further decline below 2397 would target 2378. - Key Levels:
- Pivot Line: 2420
- Resistance Levels: 2428, 2440, 2450
- Support Levels: 2397, 2378, 2356 - Today's Expected Range:
The price is anticipated to fluctuate between the support at 2397 and the resistance at 2428, with a bearish inclination.
previous idea:
Note
the price reached the target we mentioned and now will consolidate between 2397 and 2420 till breaking stability under 2397 by closing 1h or 4h candle means will drop to get 2387
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