Gold at Resistance Amid Market Volatility & Geopolitical Tension
Gold Technical Analysis: Resistance Reached Amid High Volatility and Geopolitical Tensions
Gold has reached the resistance level mentioned in the previous analysis, which is $2,466, marking an increase of approximately $26.
Gold has reached the resistance level mentioned in the previous analysis, which is $2,466, marking an increase of approximately $26.
- Current Outlook:
The price is expected to retest the levels around $2,450 or $2,440 before potentially pushing higher again. There is also the possibility of an immediate upward movement towards $2,475 and $2,493 due to high market volatility and geopolitical tensions in the Middle East. - Bullish Scenario:
To maintain the bullish trend, the price must break through $2,466, potentially rising to $2,475 and $2,485, aiming for a new all-time high. - Bearish Scenario:
If the price stabilizes below $2,466, a correction is likely, targeting $2,450 and $2,440. A bearish confirmation would occur if the price stabilizes below $2,420. - Key Levels:
- Pivot Line: $2,466
- Resistance Levels: $2,475, $2,485, $2,493
- Support Levels: $2,450, $2,440, $2,428
Today's Expected Trading Range: The price is anticipated to fluctuate between the support level at $2,450 and the resistance level at $2,495.
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