GOLD ANALYSIS
Updated
Resistance Line: The chart shows a resistance line (marked in the image) that the price has been unable to break through. This resistance level indicates a strong area where selling interest surpasses buying pressure. Traders often pay attention to such levels as they can influence future price movements.
Price Channel: Within the chart, there is a defined range where the price has been fluctuating. This range is marked as the “price channel.” Recently, the price broke above this channel and reached near the resistance line (indicated by the orange arrow). However, it faced rejection at that level.
Potential Downside: The orange arrow points downward from the recent peak (around 2478.16 USD) to a potential target near 2374.50 USD. This suggests that there might be a decline in price from the current levels.
Price Channel: Within the chart, there is a defined range where the price has been fluctuating. This range is marked as the “price channel.” Recently, the price broke above this channel and reached near the resistance line (indicated by the orange arrow). However, it faced rejection at that level.
Potential Downside: The orange arrow points downward from the recent peak (around 2478.16 USD) to a potential target near 2374.50 USD. This suggests that there might be a decline in price from the current levels.
Note
Resistance levels: 2418-2431 Support levels: 2395-2375
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