Gold Market Outlook
- Gold recently hit a record high of $3,005 before pulling back, forming a bearish shooting star pattern. This pattern suggests that gold may experience a short-term decline, with key support levels at $2,956 and $2,930. If prices fall further, the 20-day moving average near $2,921 could provide additional support.
- Despite this pullback, the overall trend remains bullish. Gold broke out to new highs this week, confirming strong demand and momentum. A temporary decline is a normal part of an uptrend, allowing the market to digest recent gains before another potential rally.
- If gold rises above $3,005 again, it could signal further gains, with possible targets between $3,012 and $3,043. The most significant target could be around $3,033, based on a longer-term pattern. While short-term fluctuations are possible, the broader trend remains positive as long as key support levels hold.
- Gold recently hit a record high of $3,005 before pulling back, forming a bearish shooting star pattern. This pattern suggests that gold may experience a short-term decline, with key support levels at $2,956 and $2,930. If prices fall further, the 20-day moving average near $2,921 could provide additional support.
- Despite this pullback, the overall trend remains bullish. Gold broke out to new highs this week, confirming strong demand and momentum. A temporary decline is a normal part of an uptrend, allowing the market to digest recent gains before another potential rally.
- If gold rises above $3,005 again, it could signal further gains, with possible targets between $3,012 and $3,043. The most significant target could be around $3,033, based on a longer-term pattern. While short-term fluctuations are possible, the broader trend remains positive as long as key support levels hold.
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➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
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.
GOLDFXCC™ Leading Educational platform—whether you're just starting or an experienced trader, access knowledge and insights to refine your skills and achieve more.
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
➤ Telegram: t.me/+OYfvKDvM0w81MTJk
♛ Website: bio.site/goldfxcc.com
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.