Gold Price Analysis: Short-Term Outlook
Updated
The long-term, medium-term, and short-term trends all point to a bullish trajectory for gold. As long as gold maintains activity above the confluence support of the upper channel line (b) and the 0.786% Fibonacci extension level, short-term upward potential remains intact.
However, in the scenario where the $2,244 level is breached below, gold could undergo a relatively moderate downward correction, with a short-term target at $2,223.
Throughout the day, the gold price trend is expected to remain bullish, albeit with considerable volatility. Key technical levels to note include:
Support: $2,244 – $2,223
Resistance: $2,265
Note
Note
The price will go down to about 2247 and then bounce upNote
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