The provided 1-hour chart for Gold Spot (XAU/USD) suggests two possible scenarios:
Bearish Scenario (Short-Term Decline)
The chart shows a potential drop toward the $2,970 support level.
If the price breaks below $2,970, further downside momentum could follow.
Bullish Scenario (Reversal and Upside)
If gold holds support at $2,970, a bounce is likely.
A successful rebound could lead to a rally towards the $2,995 - $3,000 resistance zone.
Conclusion
If $2,970 holds as support, expect a bullish reversal.
If the level breaks, gold may experience further downside.
Traders should watch for confirmation signals before entering positions.
Bearish Scenario (Short-Term Decline)
The chart shows a potential drop toward the $2,970 support level.
If the price breaks below $2,970, further downside momentum could follow.
Bullish Scenario (Reversal and Upside)
If gold holds support at $2,970, a bounce is likely.
A successful rebound could lead to a rally towards the $2,995 - $3,000 resistance zone.
Conclusion
If $2,970 holds as support, expect a bullish reversal.
If the level breaks, gold may experience further downside.
Traders should watch for confirmation signals before entering positions.
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.