Trend Analysis:
Gold price action exhibits a bullish sentiment, underpinned by the prevailing uptrend. The recent intraday movement appears to be a corrective sideways consolidation, suggesting that the bullish momentum remains intact despite short-term profit-taking and consolidation.
Key Level (3000):
The critical trading level to watch is 3000, which marks the previous consolidation price range. A corrective pullback toward this level, followed by a bullish bounce, would reaffirm the strength of the uptrend and could trigger further buying interest.
Resistance Levels:
If the bullish sentiment prevails and the price bounces back from the 3000 level, the upside targets include:
3060 - Immediate resistance level.
3082 - Secondary resistance level.
3100 - Long-term bullish target.
Bearish Scenario:
Conversely, a confirmed loss of the 3000 support level, accompanied by a daily close below it, would negate the bullish outlook. This breakdown could pave the way for a deeper retracement, targeting:
2984 - Initial downside support.
2951 - Major support zone.
Conclusion:
The Gold market remains bullish amid the prevailing uptrend, with the 3000 level acting as a critical support. A successful bounce from this level would likely see the continuation of the upward movement toward 3060, 3082, and 3100. However, a confirmed break below 3000 could trigger a deeper correction, opening the way for a retest of 2984 and 2951 support levels. Traders should closely monitor price action around the 3000 mark to gauge the next directional move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Gold price action exhibits a bullish sentiment, underpinned by the prevailing uptrend. The recent intraday movement appears to be a corrective sideways consolidation, suggesting that the bullish momentum remains intact despite short-term profit-taking and consolidation.
Key Level (3000):
The critical trading level to watch is 3000, which marks the previous consolidation price range. A corrective pullback toward this level, followed by a bullish bounce, would reaffirm the strength of the uptrend and could trigger further buying interest.
Resistance Levels:
If the bullish sentiment prevails and the price bounces back from the 3000 level, the upside targets include:
3060 - Immediate resistance level.
3082 - Secondary resistance level.
3100 - Long-term bullish target.
Bearish Scenario:
Conversely, a confirmed loss of the 3000 support level, accompanied by a daily close below it, would negate the bullish outlook. This breakdown could pave the way for a deeper retracement, targeting:
2984 - Initial downside support.
2951 - Major support zone.
Conclusion:
The Gold market remains bullish amid the prevailing uptrend, with the 3000 level acting as a critical support. A successful bounce from this level would likely see the continuation of the upward movement toward 3060, 3082, and 3100. However, a confirmed break below 3000 could trigger a deeper correction, opening the way for a retest of 2984 and 2951 support levels. Traders should closely monitor price action around the 3000 mark to gauge the next directional move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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.