GOLD - Bearish Trend with Key Resistance at 2661
Gold Technical Analysis
The price declined yesterday, as anticipated, and then reversed, currently attempting to reach the resistance level at 2661 before potentially turning bearish again if it stabilizes below this level.
The price continues to show bearish volume, with targets at 2625 and 2612, as long as it trades below 2661. However, it may first test 2661 if it stabilizes above 2644.
The general trend remains downward. For a bullish trend to emerge, the price must stabilize above 2661, confirmed by a 4-hour candle close, to target 2678.
Key Levels:
Pivot Point: 2644
Support Levels: 2625, 2612, 2585
Resistance Levels: 2661, 2678, 2693
The price declined yesterday, as anticipated, and then reversed, currently attempting to reach the resistance level at 2661 before potentially turning bearish again if it stabilizes below this level.
The price continues to show bearish volume, with targets at 2625 and 2612, as long as it trades below 2661. However, it may first test 2661 if it stabilizes above 2644.
The general trend remains downward. For a bullish trend to emerge, the price must stabilize above 2661, confirmed by a 4-hour candle close, to target 2678.
Key Levels:
Pivot Point: 2644
Support Levels: 2625, 2612, 2585
Resistance Levels: 2661, 2678, 2693
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