Gold is currently moving within a downward sloping channel, reflecting a period of controlled price movement.
If the price continues to follow the channel, it may trend lower in the short term, with the next key support level seen around $3260.
Alternatively, a breakout above the upper boundary of the channel may signal a shift in momentum, opening the way for further upside.
Technical Levels to Watch:
Support: $3260
Resistance: Channel top (watch for breakout confirmation)
Outlook: Continuation within the channel suggests further downside, while a breakout could shift momentum in favor of buyers.
If the price continues to follow the channel, it may trend lower in the short term, with the next key support level seen around $3260.
Alternatively, a breakout above the upper boundary of the channel may signal a shift in momentum, opening the way for further upside.
Technical Levels to Watch:
Support: $3260
Resistance: Channel top (watch for breakout confirmation)
Outlook: Continuation within the channel suggests further downside, while a breakout could shift momentum in favor of buyers.
Trade active
Channel breakout confirmed, Target zone in sight.Trade closed: target reached
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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.
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.