Breakout Above Resistance Points to $2340-$2350 Target
Gold Movement Analysis
Date of Analysis: 02nd July 2024
Key Levels:
Strong Support: $2316
Strong Resistance: $2350 and $2365
Current Situation:
Gold has broken through the strong resistance levels.
Expected Movement:
Given this breakout, it is reasonable to expect gold to continue its upward momentum and potentially reach the target range of $2340-$2350.
Analysis:
Support and Resistance Levels:
Support at $2316: This level acts as a safety net where buying interest is strong enough to prevent the price from falling further.
Resistance at $2350 and $2365: These were levels where selling interest was strong enough to prevent the price from rising further. With the price breaking through these levels, it indicates a shift in market sentiment.
Breakout Confirmation:
A breakout above the resistance levels suggests that buyers have gained control, overcoming the selling pressure. This often leads to further upward movement as new buying interest is triggered.
Next Target:
With the resistance levels at $2350 and $2365 being breached, the next logical target would be the range of $2340-$2350. This is based on technical analysis principles, where a breakout often leads to the price moving to the next significant level.
Conclusion:
The breach of the $2350 and $2365 resistance levels is a bullish signal, indicating that gold prices are likely to move higher. The next target for gold is within the range of $2340-$2350, assuming the current momentum continues. It is important to monitor any new developments or changes in market conditions that could affect this projection.
Date of Analysis: 02nd July 2024
Key Levels:
Strong Support: $2316
Strong Resistance: $2350 and $2365
Current Situation:
Gold has broken through the strong resistance levels.
Expected Movement:
Given this breakout, it is reasonable to expect gold to continue its upward momentum and potentially reach the target range of $2340-$2350.
Analysis:
Support and Resistance Levels:
Support at $2316: This level acts as a safety net where buying interest is strong enough to prevent the price from falling further.
Resistance at $2350 and $2365: These were levels where selling interest was strong enough to prevent the price from rising further. With the price breaking through these levels, it indicates a shift in market sentiment.
Breakout Confirmation:
A breakout above the resistance levels suggests that buyers have gained control, overcoming the selling pressure. This often leads to further upward movement as new buying interest is triggered.
Next Target:
With the resistance levels at $2350 and $2365 being breached, the next logical target would be the range of $2340-$2350. This is based on technical analysis principles, where a breakout often leads to the price moving to the next significant level.
Conclusion:
The breach of the $2350 and $2365 resistance levels is a bullish signal, indicating that gold prices are likely to move higher. The next target for gold is within the range of $2340-$2350, assuming the current momentum continues. It is important to monitor any new developments or changes in market conditions that could affect this projection.
Trade closed: target reached
Target reached to 2339
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.