Bearish Potential Looms Ahead
Hello,
The ongoing week has been eventful, particularly in terms of gold's price fluctuations. Gold has been experiencing ups and downs within the range of 1895 to 1959. The inability to surpass either of these levels could potentially result in a significant shift in gold prices. It is anticipated that there might be another upward correction toward the designated resistance zone. Subsequently, gold is expected to decline towards the specified level.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
The ongoing week has been eventful, particularly in terms of gold's price fluctuations. Gold has been experiencing ups and downs within the range of 1895 to 1959. The inability to surpass either of these levels could potentially result in a significant shift in gold prices. It is anticipated that there might be another upward correction toward the designated resistance zone. Subsequently, gold is expected to decline towards the specified level.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Note
Considering the extended duration of gold remaining in an overbought state around the current level of 1959, it strongly suggests an increased likelihood of its price undergoing a decline from its present level. This aligns with the expectation that the market will correct the price in the near future, as overbought conditions typically indicate a need for price adjustment to align with the underlying value of the asset. With that being said, it is advisable to avoid taking a trade at this moment and instead allow the market dynamics to play out before making any investment decisions.Note
If gold manages to drop below and remain below the 1950 mark, it could serve as a significant pivot point indicating an increased likelihood of a bearish trend. This level has historically acted as a resistance level, and if gold fails to break above it, it suggests a potential shift in market sentiment towards a bearish outlook. In other words, staying below 1950 could indicate a higher probability of gold prices declining further.Note
Have a great weekend everyone. Been a productive and fun week :))
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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.