Gold (XAU/USD) has pulled back from recent highs and is currently retesting a critical support zone between $2,995 - $2,954. This area has acted as a strong demand zone in recent price action, making it a key level to watch for potential bullish reactions.
Technical Outlook:
• Support Zone: $2,995 - $2,954
• Resistance Levels: $3,025 and $3,050
• Trend: Overall bullish, but facing a healthy retracement
Indicators:
• Moving Averages: Price remains above key moving averages, maintaining the bullish bias
• Volume: A spike in buying volume at support could confirm bullish continuation
Potential Scenarios:
1 📈. Bullish Bounce: If buyers step in at this key support, we could see gold rally back towards $3,025, with a break above that level opening the door to $3,050 and beyond.
2.📉 Deeper Pullback: A break below $2,954 could trigger further downside towards $2,920 - $2,900 before buyers regain control.
Patience is key—let price action confirm the next move!
Technical Outlook:
• Support Zone: $2,995 - $2,954
• Resistance Levels: $3,025 and $3,050
• Trend: Overall bullish, but facing a healthy retracement
Indicators:
• Moving Averages: Price remains above key moving averages, maintaining the bullish bias
• Volume: A spike in buying volume at support could confirm bullish continuation
Potential Scenarios:
1 📈. Bullish Bounce: If buyers step in at this key support, we could see gold rally back towards $3,025, with a break above that level opening the door to $3,050 and beyond.
2.📉 Deeper Pullback: A break below $2,954 could trigger further downside towards $2,920 - $2,900 before buyers regain control.
Patience is key—let price action confirm the next move!
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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.
✅📚STRATEGIES AND FOREX COURSE WITH LIVE EXAMPLES udemy.com/course/forex-mastery-the-path-to-becoming-a-confident-trader/?referralCode=7BA7D697F9CD81D6472B
✅‼️FREE FOREX GOUP‼️
t.me/Forxtay/1
✅‼️FREE FOREX GOUP‼️
t.me/Forxtay/1
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.