gold analysis Mon JUL 1 2024// BEARISH
Based on the current charts, the bearish scenario appears more likely for the following reasons:
1. Repeated Resistance: Multiple rejections at the resistance level of 2,332.485.
2. Fibonacci Resistance: The price is near the 61.80% Fibonacci retracement level, a common reversal point.
3. Bearish Flag on Daily Chart: Indicates potential downside continuation.
Most Likely Scenario:
• Bearish
• Entry: Below 2,328.393 if there is a clear breakdown with strong volume.
• Target 1: 2,325.000 (short-term support level)
• Target 2: 2,319.295 (major support level)
• Stop-Loss: Above the breakdown candle or 2,329.000.
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.