My Best analysis Gold (CFDs) 45-Minute Technical Analysis
Current Price: $2,626.73
The chart shows a strong resistance zone at $2,629 - $2,630, where the price has faced repeated rejections.
Potential Trading Strategy:
1. Bearish Scenario:
If the price fails to sustain above the resistance zone and starts dropping, the first potential target is $2,617.45.
The second major support level is at $2,607.15.
A further decline could push the price toward $2,596.77.
2. Confirmation Needed:
Wait for the price to break below the resistance zone with a bearish candle confirmation before entering a trade.
To manage risk, place a stop loss above the resistance zone.
This analysis is based on technical factors, and it’s essential to adjust your strategy based on evolving market conditions.