Gold's Bearish Outlook: Key Levels and Selling Opportunities
Updated
XAUUSD fell sharply from 2480 due to US inflation data. After rebounding from 2438, it is now trading around 2456, with potential to reach the 2468 level (7/8 on the Murray Math).
As it approaches 2468, which is a strong resistance level, there may be an opportunity to sell, with a target profit at 2438. Due to the strong support level, after consolidation, Gold might bounce back to 2455.
If the price reaches 2438 (6/8 on the Murray Math) and breaks the strong support level, it is likely to drop further to 2404 (5/8 on the Murray Math), which is a midpoint level in the upper half of the trading range and can act as minor support.
The 2371 level (4/8 on the Murray Math) represents the 50% level and is often considered the central point of the range. It is a major level where the price might consolidate before continuing its movement.
Considering that Gold has formed a Triple Top, Head and Shoulders, and Rising Wedge patterns—indicators of a potential reversal—as long as the yellow metal trades below 2475, it could decline further towards the 2308 psychological level.
As it approaches 2468, which is a strong resistance level, there may be an opportunity to sell, with a target profit at 2438. Due to the strong support level, after consolidation, Gold might bounce back to 2455.
If the price reaches 2438 (6/8 on the Murray Math) and breaks the strong support level, it is likely to drop further to 2404 (5/8 on the Murray Math), which is a midpoint level in the upper half of the trading range and can act as minor support.
The 2371 level (4/8 on the Murray Math) represents the 50% level and is often considered the central point of the range. It is a major level where the price might consolidate before continuing its movement.
Considering that Gold has formed a Triple Top, Head and Shoulders, and Rising Wedge patterns—indicators of a potential reversal—as long as the yellow metal trades below 2475, it could decline further towards the 2308 psychological level.
Trade active
2468 Target ReachedTrade active
2438 Target ReachedTrade active
2455 Target ReachedTrade closed: target reached
As we said that below 2475 considered bearish but Gold breached that target.
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