Gold (XAU/USD) shows a strong upward movement, with the price currently facing a key resistance level near 3,170.29. The price has recently bounced from support zones (marked with shaded areas) and is attempting to push higher.
The chart indicates a bullish trend with a potential pullback before the price continues its ascent toward the target at 3,170.29. The target level is shown as the next area of resistance, where the price could face difficulty breaking through. The price is expected to consolidate in the highlighted range and then continue its upward movement towards the target.
The support levels are seen in the shaded gray areas, and these levels could act as key buying zones if the price retraces back down before pushing higher again. Traders are likely looking for opportunities to buy near the support zones and aim for the resistance level as the target.
Overall, the chart suggests that Gold could continue to move higher after some consolidation, with the target at $3,170.29 being the next major resistance point. The pullback or consolidation in the coming days will be crucial to determine if the price can break the resistance and push toward the target.
The chart indicates a bullish trend with a potential pullback before the price continues its ascent toward the target at 3,170.29. The target level is shown as the next area of resistance, where the price could face difficulty breaking through. The price is expected to consolidate in the highlighted range and then continue its upward movement towards the target.
The support levels are seen in the shaded gray areas, and these levels could act as key buying zones if the price retraces back down before pushing higher again. Traders are likely looking for opportunities to buy near the support zones and aim for the resistance level as the target.
Overall, the chart suggests that Gold could continue to move higher after some consolidation, with the target at $3,170.29 being the next major resistance point. The pullback or consolidation in the coming days will be crucial to determine if the price can break the resistance and push toward the target.
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Recommended best broker Exness Partner link
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.