Based on the technical analysis in the provided chart, gold is currently trading around $2,941.835 and appears to have broken above a support zone around $2,935. The chart suggests a potential bullish movement, with price action retesting the support before moving upward toward the resistance area around $2,960.
Forecast Based on Analysis:
Bullish Scenario: If the price sustains above the support level and forms higher lows, we could see a breakout toward the resistance at $2,960.
Bearish Scenario: If the price falls back below support, it may indicate a false breakout, leading to a potential decline.
Key Levels to Watch:
Support: ~$2,935 (if this level holds, further upside is likely)
Resistance: ~$2,960 (if broken, could signal a move beyond $2,970)
Forecast Based on Analysis:
Bullish Scenario: If the price sustains above the support level and forms higher lows, we could see a breakout toward the resistance at $2,960.
Bearish Scenario: If the price falls back below support, it may indicate a false breakout, leading to a potential decline.
Key Levels to Watch:
Support: ~$2,935 (if this level holds, further upside is likely)
Resistance: ~$2,960 (if broken, could signal a move beyond $2,970)
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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.