Initially, Gold price was following an upward trendline and making higher highs. A breakout occurred, shifting the momentum into a downtrend, confirmed by a downward trendline and lower highs.
Key level:
Resistance Area: The price reached a high and then reversed.
Support Level: The price found support multiple times.
Bullish Scenario: A breakout above the downward trendline could lead to a move towards the resistance area.
Bearish Scenario: If the price fails to break resistance, it may retest the support or even the strong support level before bouncing back.
A break above resistance could signal a strong buying opportunity.
A drop to support levels may offer a buying opportunity on a bounce or a selling opportunity if support breaks.
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Key level:
Resistance Area: The price reached a high and then reversed.
Support Level: The price found support multiple times.
Bullish Scenario: A breakout above the downward trendline could lead to a move towards the resistance area.
Bearish Scenario: If the price fails to break resistance, it may retest the support or even the strong support level before bouncing back.
A break above resistance could signal a strong buying opportunity.
A drop to support levels may offer a buying opportunity on a bounce or a selling opportunity if support breaks.
Guys, If you like the post, support me with like and follow. if you have any question about analysis drop a comment.
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.