1. Current Price: Gold is trading at $2,998.10, showing slight bullish momentum (+0.44%).
2. Resistance Level: Around $3,040—a breakout above this could lead to further bullish movement.
3. Support Level: Around $2,960—a breakdown below this level might trigger a bearish move.
4. Price Action Projection:
If Gold breaks above $3,040, it may push towards $3,050-$3,100.
If it rejects resistance, it could pull back towards $2,960 or even lower.
A consolidation phase between these levels is also possible before a breakout.
Trading Outlook:
Bullish scenario: Buy on breakout above $3,040 with a target of $3,100+.
Bearish scenario: Sell if price drops below $2,960, aiming for $2,920.
Neutral: If price remains in the $2,960 - $3,040 range, expect consolidation.
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Related publications
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.