Gold's (xauusd) perspective for starting the week
Updated
Key Observations:
Ascending Channel: Gold is trading within a well-defined upward channel. The recent rejection near the upper boundary confirms resistance at higher levels.
Pullback Underway: The price has shown a pullback from the highs and is approaching the internal trendline around $2,642, which could act as interim support.
Major Support Zone: The key support zone lies between $2,500-$2,550, coinciding with the lower boundary of the channel. This area is crucial for maintaining the bullish structure.
Expected Movement:
Ascending Channel: Gold is trading within a well-defined upward channel. The recent rejection near the upper boundary confirms resistance at higher levels.
Pullback Underway: The price has shown a pullback from the highs and is approaching the internal trendline around $2,642, which could act as interim support.
Major Support Zone: The key support zone lies between $2,500-$2,550, coinciding with the lower boundary of the channel. This area is crucial for maintaining the bullish structure.
Expected Movement:
- The price may first retest $2,642, followed by another drop to the $2,500-$2,550 support zone.
- A bullish bounce from this zone would reaffirm the long-term uptrend.
- Bearish Scenario: A break below the $2,500 support zone could invalidate the ascending channel, exposing gold to deeper declines.
Trade active
it starts the downward movement!
Note
it is toward the blue area
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