Gold is currently consolidating within a tight range, forming a triangle pattern. The market is making lower highs, and support is holding around the trendline at the 3240 level, while resistance lies around at 3209.
Possible Scenarios:
Breakout to the upside:
If price breaks above the resistance zone and holds, we could see a retest of trendline,
Breakout to the downside: A breakdown below the 3207 support could indicate bearish pressure, and market can move further downside
Possible Scenarios:
Breakout to the upside:
If price breaks above the resistance zone and holds, we could see a retest of trendline,
Breakout to the downside: A breakdown below the 3207 support could indicate bearish pressure, and market can move further downside
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.