Gold Consolidates Between Key Levels Amid Bearish Trend
Gold Technical Analysis
The price recently reached the support level at 2585 and reversed. However, the bearish trend remains intact as long as gold trades below 2612.
Gold is currently consolidating between 2612 and 2585. A breakout in either direction will determine the next trend:
The price recently reached the support level at 2585 and reversed. However, the bearish trend remains intact as long as gold trades below 2612.
Gold is currently consolidating between 2612 and 2585. A breakout in either direction will determine the next trend:
- Stability above 2612, confirmed by a 4-hour candle close, suggests a move toward 2623.
- Stability below 2585 indicates a drop toward 2558.
Key Levels:
Pivot Point: 2612
Resistance Levels: 2623, 2638, 2653
Support Levels: 2586, 2572, 2558
Trend Outlook:
Bearish Momentum: Likely below 2623 and 2612.
Bullish Momentum: Possible above 2623.
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