Gold Spot / U.S. DollarUpdated Gold Market Analysis: Both Scenarios Explained
Gold Market Analysis: Both Scenarios Explained
On Friday, gold encountered strong resistance at the $2940 level and moved down aggressively in a "V" shape reversal without confirming a bearish wave. The only selling opportunity was near the resistance zone. Currently, the gold position indicates potential for both upward and downward moves.
Bearish Scenario:
In the bearish scenario, the market remains risky. The price must break down through the red zone to provide a minimum confirmation for the bears. Should this occur, further downward movement may target levels of $2840, $2812, and $2778.
Bullish Scenario:
Conversely, the price is already positioned above a strong support zone, allowing bulls to push the price upward without confirmation. Considering the strength of the support zone and the extremely bullish trend, gold could rise again with a "V" shape reversal. If this occurs, target levels would be $2902, $2915, and $2935.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
On Friday, gold encountered strong resistance at the $2940 level and moved down aggressively in a "V" shape reversal without confirming a bearish wave. The only selling opportunity was near the resistance zone. Currently, the gold position indicates potential for both upward and downward moves.
Bearish Scenario:
In the bearish scenario, the market remains risky. The price must break down through the red zone to provide a minimum confirmation for the bears. Should this occur, further downward movement may target levels of $2840, $2812, and $2778.
Bullish Scenario:
Conversely, the price is already positioned above a strong support zone, allowing bulls to push the price upward without confirmation. Considering the strength of the support zone and the extremely bullish trend, gold could rise again with a "V" shape reversal. If this occurs, target levels would be $2902, $2915, and $2935.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
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GOLD: The bullish scenario played out well. The price followed the prevailing trend.
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Related publications
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.