Gold is trading at $2,909.55 with a minor decline of -0.05%.
The chart shows a rising channel where price movements are confined between support and resistance areas.
A recent breakdown from the channel suggests a possible retest of the support level around $2,900.
Short-Term Forecast
Bullish Scenario: If the price holds above the support zone (~$2,900), we may see a bounce back towards the resistance area around $2,930.
Bearish Scenario: If the price fails to hold above the support level, further downside could be expected, possibly dropping below $2,900.
The overall trend suggests a potential upward movement if support holds.
The chart shows a rising channel where price movements are confined between support and resistance areas.
A recent breakdown from the channel suggests a possible retest of the support level around $2,900.
Short-Term Forecast
Bullish Scenario: If the price holds above the support zone (~$2,900), we may see a bounce back towards the resistance area around $2,930.
Bearish Scenario: If the price fails to hold above the support level, further downside could be expected, possibly dropping below $2,900.
The overall trend suggests a potential upward movement if support holds.
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.