Current Market Condition
Gold is trading at 2,884.645 USD.
The price has recently tested the sell zone (resistance area) and is showing signs of rejection.
There is a key support level around 2,860 USD, which could act as a target if the price declines.
Forecasted Movement
1. Bearish Scenario (More Likely Based on Chart)
If gold fails to break above the sell zone (2,885–2,890 USD), selling pressure could push the price down.
The next likely target is the support level at 2,860 USD.
If 2,860 USD is breached, further downside towards 2,840 USD could occur.
2. Bullish Scenario (Less Likely Unless Resistance Breaks)
If gold breaks above 2,890 USD, we could see a push toward 2,900–2,920 USD.
A breakout above this range could indicate a shift in momentum toward higher highs.
Gold is trading at 2,884.645 USD.
The price has recently tested the sell zone (resistance area) and is showing signs of rejection.
There is a key support level around 2,860 USD, which could act as a target if the price declines.
Forecasted Movement
1. Bearish Scenario (More Likely Based on Chart)
If gold fails to break above the sell zone (2,885–2,890 USD), selling pressure could push the price down.
The next likely target is the support level at 2,860 USD.
If 2,860 USD is breached, further downside towards 2,840 USD could occur.
2. Bullish Scenario (Less Likely Unless Resistance Breaks)
If gold breaks above 2,890 USD, we could see a push toward 2,900–2,920 USD.
A breakout above this range could indicate a shift in momentum toward higher highs.
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.