Gold facing major support to pervent it from dropping
GOLD(
GOLD) still looks like it's trying to go with the bullish run or at least test the previous high or near an all-time high before it changes the trend to bearish move.
Apparently, GOLD(GOLD) is supported by the support zone near 1925USD. If GOLD (GOLD) successfully got support and move ahead into continuing with its bullish rally than , it could possibly face nearest resistance at previous lower high made on Daily Chart at price near 2015USD and above it next resistance is located at 2045USD-2075USD price level.
In my point of view, GOLD (GOLD) needs to test the resistance around 2045USD-2075USD zone or at least 2015USD price to continue its new leg down with the target to 1810USD-1835USD price zone.
Overall, it still looks bullish to me until and unless it breaks and stabilizes below 1900USD which looks floor to me. If it broke 1900USD and stays below it and heading lower which could eventually cause trouble for the bulls in the gold market.
Have a good trading week ahead.
Happy trading for the upcoming week.
This is not financial advice.
We will not be liable if any losses occur.
Trading in the financial market carries risks.
Make sure to maintain proper money management to maintain the risk.
GOLD) still looks like it's trying to go with the bullish run or at least test the previous high or near an all-time high before it changes the trend to bearish move.Apparently, GOLD(
GOLD) is supported by the support zone near 1925USD. If GOLD (GOLD) successfully got support and move ahead into continuing with its bullish rally than , it could possibly face nearest resistance at previous lower high made on Daily Chart at price near 2015USD and above it next resistance is located at 2045USD-2075USD price level.In my point of view, GOLD (
GOLD) needs to test the resistance around 2045USD-2075USD zone or at least 2015USD price to continue its new leg down with the target to 1810USD-1835USD price zone.Overall, it still looks bullish to me until and unless it breaks and stabilizes below 1900USD which looks floor to me. If it broke 1900USD and stays below it and heading lower which could eventually cause trouble for the bulls in the gold market.
Have a good trading week ahead.
Happy trading for the upcoming week.
This is not financial advice.
We will not be liable if any losses occur.
Trading in the financial market carries risks.
Make sure to maintain proper money management to maintain the risk.
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.
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.