Gold has rebounded in the weekly demand zone. The retracement is now in the daily supply zone and is consolidating near the previous daily support line. Gold needs to rise above the daily supply zone again to sustain its rise. And even if a retracement comes, it should rebound near the previous daily support line.
Otherwise, the previous daily support line will act as strong resistance and will likely move lower if it stays below.
If it breaks above the daily supply zone, it will test the vicinity of the previous weekly support line (blue line), and since this line also acts as resistance and support, it must rise and settle to reach the monthly supply zone.
Otherwise, the previous daily support line will act as strong resistance and will likely move lower if it stays below.
If it breaks above the daily supply zone, it will test the vicinity of the previous weekly support line (blue line), and since this line also acts as resistance and support, it must rise and settle to reach the monthly supply zone.
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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.