Trend Overview:
Gold maintains a strong bullish trend, with recent price action confirming a breakout above a previous consolidation zone, now acting as key support at 3085.
Key Levels:
Support: 3085 (key level), 3070, 3057
Resistance: 3143, 3160, 3200
Bullish Scenario:
A pullback to 3085, followed by a bullish rebound, would confirm the support level and signal further upside potential. A breakout above 3143 may extend gains towards 3160 and 3200 in the longer term.
Bearish Scenario:
A daily close below 3085 would invalidate the bullish outlook, increasing the likelihood of a retracement toward 3070, with 3057 as the next downside target.
Conclusion:
Gold remains bullish above 3085, with potential upside targets at 3143, 3160, and 3200. However, a break below 3085 could shift momentum to the downside, targeting 3070 and 3057. Traders should watch price action around 3085 for confirmation of the next move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Gold maintains a strong bullish trend, with recent price action confirming a breakout above a previous consolidation zone, now acting as key support at 3085.
Key Levels:
Support: 3085 (key level), 3070, 3057
Resistance: 3143, 3160, 3200
Bullish Scenario:
A pullback to 3085, followed by a bullish rebound, would confirm the support level and signal further upside potential. A breakout above 3143 may extend gains towards 3160 and 3200 in the longer term.
Bearish Scenario:
A daily close below 3085 would invalidate the bullish outlook, increasing the likelihood of a retracement toward 3070, with 3057 as the next downside target.
Conclusion:
Gold remains bullish above 3085, with potential upside targets at 3143, 3160, and 3200. However, a break below 3085 could shift momentum to the downside, targeting 3070 and 3057. Traders should watch price action around 3085 for confirmation of the next move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.