Gold Breaks Resistance: Bullish Momentum or Reversal Ahead?
Gold Technical Analysis
- The price has recently broken above the resistance line at 2,677 and is attempting to stabilize above this level.
- If the price closes a 4-hour candle above 2,686, it could signal further bullish momentum, with potential targets at 2,698 and 2,723.
- However, if the price fails to maintain above 2,686, a pullback toward the support levels of around 2,661 and 2,624 may occur.
Direction:Bullish: A sustained close above 2,686 would support a continued upward movement towards higher resistance levels.
Bearish: If the price fails to hold above 2,686 and reverses, watch for a potential decline toward the support zones.
Key Levels:
Pivot Point: 2677
Resistance Levels: 2686, 2698, 2723
Support Levels: 2661, 2653, 2638
Trend:
Bearish below 2677
Bullish above 2677
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