Gold prices need to clear $2,664-$2,664 levels for investors to gain control of the short-term market.
From a technical perspective, any subsequent up-move might face hurdles near the weekly highs, around the $2,664-$2,666 area touched on Monday, ahead of the $2,677 area.
A sustained strength beyond the latter should allow Gold prices to reclaim the $2,700 round figure.
The up-move could extend towards the monthly swing highs, around the $2,726 zone, above which XAU/USD is likely to resume its upward trajectory.
On the flip side, the overnight swing low, around the $2,633 region, now seems to protect the immediate downside ahead of the monthly trough, around the $2,614 zone.
This is followed by the $2,600 level, which, if broken decisively, will be seen as a fresh trigger for bearish traders and make Gold prices vulnerable to extending the recent sharp decline from the one-month highs touched last week.
From a technical perspective, any subsequent up-move might face hurdles near the weekly highs, around the $2,664-$2,666 area touched on Monday, ahead of the $2,677 area.
A sustained strength beyond the latter should allow Gold prices to reclaim the $2,700 round figure.
The up-move could extend towards the monthly swing highs, around the $2,726 zone, above which XAU/USD is likely to resume its upward trajectory.
On the flip side, the overnight swing low, around the $2,633 region, now seems to protect the immediate downside ahead of the monthly trough, around the $2,614 zone.
This is followed by the $2,600 level, which, if broken decisively, will be seen as a fresh trigger for bearish traders and make Gold prices vulnerable to extending the recent sharp decline from the one-month highs touched last week.
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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.