At the moment, Gold (XAUUSD) is facing a steep bearish move after breaking some key levels. As the price gets closer to the critical support region 3,210 and 3,205 there is opportunity for further move down or a reversal. If the market does not manage to hold above these levels, we may see a move towards 3,200 or even lower.
Still, if the price manages to remain above key support levels, the market may experience a pullback followed by an upsurge or in the least a minor drop. Analyzing the price action is essential before any sustained confirmations of trend reversals
Important Levels:
Support: 3,210, 3,205
Resistance: Look any retracements to prior highs.
Next Target: If support is compromised, possible targets are 3,200 or further down.
Remain alert with updates on the situation, while exercising caution or modifying entry strategies to mitigate getting trapped in a perceived false move. Apply risk management in these volatile conditions as always.
Still, if the price manages to remain above key support levels, the market may experience a pullback followed by an upsurge or in the least a minor drop. Analyzing the price action is essential before any sustained confirmations of trend reversals
Important Levels:
Support: 3,210, 3,205
Resistance: Look any retracements to prior highs.
Next Target: If support is compromised, possible targets are 3,200 or further down.
Remain alert with updates on the situation, while exercising caution or modifying entry strategies to mitigate getting trapped in a perceived false move. Apply risk management in these volatile conditions as always.
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.