GOLD| THE DAILY DECLINE WILL BEGIN BELOW BREAKOUT ZONEGold prices by the "breakaway gap" rose on Monday, helped by a weaker dollar, while a delay in finding peace in Ukraine and concerns over the U.S. tariff policy fueled safe-haven demand for the metal.
Despite this upward movement, gold remains under selling pressure and continues to trade within a strong support zone. A sharp upward movement is anticipated, potentially reaching 2,879, before a subsequent decline aimed at breaking this support zone by surpassing the 2,858 level. Should the price move below this threshold, the downward trend is expected to persist, with targets set at 2,833 and 2,810.
It is crucial to remain informed about any statements or policy decisions made by former President Trump regarding tariffs, as such developments could significantly influence goldโs trajectory, leading to heightened market volatility.
However, a breakout above 2,879 by a 4-hour candle will drive prices higher toward the 2,905 level.
Bearish target: 2858, 2833, 2810
Bullish target: 2879, 2905, 2935
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