Gold Price Analysis:Key Resistance Holds Potential Drop to 2,900
Gold (XAU/USD) is facing strong resistance near $2,930, with multiple rejections signaling a potential bearish move. A previous uptrend broke down, leading to price fluctuations between key resistance and support zones. If resistance holds, gold could decline toward the $2,900 target or lower, testing major support at $2,880. Traders should watch for confirmation signals near resistance before entering positions. Will gold break higher or continue its downward move? Stay tuned for key market movements!
1. Trend Analysis
The chart initially shows a strong uptrend, represented by the ascending trendline (blue channel).
However, the price broke below the trendline, indicating a shift from a bullish to a sideways or bearish structure.
2. Key Resistance Level ($2,930 Zone - Red Box)
The price has tested this resistance zone multiple times (yellow circles) but failed to break above it.
Each rejection from this level suggests strong selling pressure.
3. Key Support Level ($2,880 Zone - Blue Box)
The price previously bounced off this support, confirming it as a demand zone.
A break below this level would indicate further downside potential.
4. Price Projection and Market Sentiment
The chart suggests a potential drop towards $2,900, as indicated by the blue arrow.
The price may first attempt a short-term retest of resistance, followed by a decline.
A confirmed breakdown below $2,900 could lead to further selling pressure towards $2,880.
5. Trading Considerations
Bullish case: A breakout above $2,930 could signal further upside.
Bearish case: A rejection at resistance followed by a break of $2,900 would confirm the downtrend.
Neutral stance: If the price consolidates between support and resistance, traders should wait for a clear breakout.
Conclusion
The chart indicates that gold is at a critical resistance zone. If sellers dominate, the price is likely to fall towards $2,900 or lower. However, a breakout above resistance could trigger further bullish momentum. Traders should watch price action closely and manage risk accordingly.
1. Trend Analysis
The chart initially shows a strong uptrend, represented by the ascending trendline (blue channel).
However, the price broke below the trendline, indicating a shift from a bullish to a sideways or bearish structure.
2. Key Resistance Level ($2,930 Zone - Red Box)
The price has tested this resistance zone multiple times (yellow circles) but failed to break above it.
Each rejection from this level suggests strong selling pressure.
3. Key Support Level ($2,880 Zone - Blue Box)
The price previously bounced off this support, confirming it as a demand zone.
A break below this level would indicate further downside potential.
4. Price Projection and Market Sentiment
The chart suggests a potential drop towards $2,900, as indicated by the blue arrow.
The price may first attempt a short-term retest of resistance, followed by a decline.
A confirmed breakdown below $2,900 could lead to further selling pressure towards $2,880.
5. Trading Considerations
Bullish case: A breakout above $2,930 could signal further upside.
Bearish case: A rejection at resistance followed by a break of $2,900 would confirm the downtrend.
Neutral stance: If the price consolidates between support and resistance, traders should wait for a clear breakout.
Conclusion
The chart indicates that gold is at a critical resistance zone. If sellers dominate, the price is likely to fall towards $2,900 or lower. However, a breakout above resistance could trigger further bullish momentum. Traders should watch price action closely and manage risk accordingly.
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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.
👉 lucky person will join this link 👇
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🎯 DAILY FREE SIGNAL 🔥
🎯 FOREX GOLD SIGNAL🔥👇
🎯 BTCUSD AND CRYPTO SIGNALS
t.me/+1iCkqnlXaHFjMjg0
t.me/+1iCkqnlXaHFjMjg0
🎯 DAILY FREE SIGNAL 🔥
🎯 FOREX GOLD SIGNAL🔥👇
🎯 BTCUSD AND CRYPTO SIGNALS
t.me/+1iCkqnlXaHFjMjg0
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.