Gold Faces Resistance as Downtrend Persists
Gold is trading at $2,627.92, down -0.31%, as bearish momentum dominates. The price faces strong resistance at $2,700 and $2,800, where sellers have repeatedly rejected upward moves, keeping gold under pressure.
On the downside, immediate support is at $2,587, with a break below this level likely pushing prices toward the $2,500 region. The broader bearish structure suggests a continuation lower, though a temporary rebound to $2,700 is possible before further declines.
Traders should focus on the resistance zones for potential sell opportunities and monitor the support levels closely for signs of a breakdown. Gold’s trend remains vulnerable unless a major shift in sentiment occurs.
On the downside, immediate support is at $2,587, with a break below this level likely pushing prices toward the $2,500 region. The broader bearish structure suggests a continuation lower, though a temporary rebound to $2,700 is possible before further declines.
Traders should focus on the resistance zones for potential sell opportunities and monitor the support levels closely for signs of a breakdown. Gold’s trend remains vulnerable unless a major shift in sentiment occurs.
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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.