Gold: Bullish Breakout and Correction Possibilities
Gold Technical Analysis
The price has stabilized in the bullish zone after breaking above 2665. As we mentioned earlier, stability above 2665 would lead to a move towards 2678. The price has already broken 2678, indicating that the bullish trend is likely to continue towards 2690 and 2706.
However, there is a possibility of a correction, which could bring the price back to 2672 or 2665.
Key Levels
Pivot Point: 2678
Resistance Levels: 2690, 2706, 2720
Support Levels: 2665, 2636, 2623
Trend Outlook
Bullish trend above 2678
Bearish while Below 2673
The price has stabilized in the bullish zone after breaking above 2665. As we mentioned earlier, stability above 2665 would lead to a move towards 2678. The price has already broken 2678, indicating that the bullish trend is likely to continue towards 2690 and 2706.
However, there is a possibility of a correction, which could bring the price back to 2672 or 2665.
Key Levels
Pivot Point: 2678
Resistance Levels: 2690, 2706, 2720
Support Levels: 2665, 2636, 2623
Trend Outlook
Bullish trend above 2678
Bearish while Below 2673
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