Bullish Scenario (Uptrend)
If gold breaks above the $3,024 resistance, it could rise towards $3,060.
The pattern suggests a possible bounce from the current price before continuing upwards.
Bearish Scenario (Downtrend)
If gold fails to break above $3,024 and faces rejection, a downward move toward $2,980 is possible.
The price action shows a possible retest of lower support before any major recovery.
Conclusion
A breakout above $3,024 confirms bullish momentum toward $3,060.
A rejection at resistance would trigger a decline towards $2,980.
Traders should watch for confirmation signals before entering a trade.
If gold breaks above the $3,024 resistance, it could rise towards $3,060.
The pattern suggests a possible bounce from the current price before continuing upwards.
Bearish Scenario (Downtrend)
If gold fails to break above $3,024 and faces rejection, a downward move toward $2,980 is possible.
The price action shows a possible retest of lower support before any major recovery.
Conclusion
A breakout above $3,024 confirms bullish momentum toward $3,060.
A rejection at resistance would trigger a decline towards $2,980.
Traders should watch for confirmation signals before entering a trade.
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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.
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.