Gold Market Forecast for This Week (Based on Chart Analysis)
Key Levels & Setup:
1. Support Buy Zone (~$2,880 - $2,901)
The chart suggests a strong buying opportunity around the CPI buy area (near $2,880 - $2,901).
This area has acted as support before, making it a key level for a potential bullish reversal.
2. Resistance Area (~$2,929 - $2,940)
The price is expected to test resistance around $2,929 - $2,940, where selling pressure might increase.
3. Projected Movements:
Bullish Scenario: If the price holds above the support zone, a buy trade setup could push gold towards the resistance area (~$2,940).
Bearish Scenario: If resistance holds, a selling trade opportunity might emerge, leading to a pullback towards support.
Conclusion:
Short-Term (Early Week): Possible sideways movement between $2,901 (support) and $2,929 (resistance).
Mid-to-Late Week: A breakout above resistance ($2,940) could push gold higher. A drop below $2,880 could signal more downside.
Trading Plan: Buying near support and selling near resistance may be effective for short-term trades.
Key Levels & Setup:
1. Support Buy Zone (~$2,880 - $2,901)
The chart suggests a strong buying opportunity around the CPI buy area (near $2,880 - $2,901).
This area has acted as support before, making it a key level for a potential bullish reversal.
2. Resistance Area (~$2,929 - $2,940)
The price is expected to test resistance around $2,929 - $2,940, where selling pressure might increase.
3. Projected Movements:
Bullish Scenario: If the price holds above the support zone, a buy trade setup could push gold towards the resistance area (~$2,940).
Bearish Scenario: If resistance holds, a selling trade opportunity might emerge, leading to a pullback towards support.
Conclusion:
Short-Term (Early Week): Possible sideways movement between $2,901 (support) and $2,929 (resistance).
Mid-to-Late Week: A breakout above resistance ($2,940) could push gold higher. A drop below $2,880 could signal more downside.
Trading Plan: Buying near support and selling near resistance may be effective for short-term trades.
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.