The Gold price action exhibits bullish sentiment, supported by the prevailing uptrend. The recent intraday price action indicates a phase of sideways consolidation near the previous resistance level.
Key Levels to Watch:
Key Support: 2960 (previous consolidation range)
Immediate Resistance: 3000
Higher Resistance Levels: 3034, 3081
Downside Support Levels: 2909, 2883, 2830
Bullish Scenario:
A corrective pullback toward the 2960 level, followed by a bullish bounce, could reaffirm the uptrend and target the immediate resistance at 3000. Sustained momentum could further drive the price towards 3034 and ultimately 3081 over the longer timeframe.
Bearish Scenario:
A confirmed breakdown below the 2960 support level, along with a daily close beneath this mark, would invalidate the bullish outlook. This could trigger a deeper retracement towards the next support levels at 2909, 2883, and 2830.
Conclusion:
While the overall sentiment remains bullish amid the prevailing uptrend, traders should closely watch the 2960 level for signs of bullish continuation or a potential bearish breakdown. A sustained close below this level would signal caution and shift the focus to lower support zones.
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.
Key Levels to Watch:
Key Support: 2960 (previous consolidation range)
Immediate Resistance: 3000
Higher Resistance Levels: 3034, 3081
Downside Support Levels: 2909, 2883, 2830
Bullish Scenario:
A corrective pullback toward the 2960 level, followed by a bullish bounce, could reaffirm the uptrend and target the immediate resistance at 3000. Sustained momentum could further drive the price towards 3034 and ultimately 3081 over the longer timeframe.
Bearish Scenario:
A confirmed breakdown below the 2960 support level, along with a daily close beneath this mark, would invalidate the bullish outlook. This could trigger a deeper retracement towards the next support levels at 2909, 2883, and 2830.
Conclusion:
While the overall sentiment remains bullish amid the prevailing uptrend, traders should closely watch the 2960 level for signs of bullish continuation or a potential bearish breakdown. A sustained close below this level would signal caution and shift the focus to lower support zones.
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.