GOLD: Bearish Pressure Persists Below Key Levels

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GOLD
Technical Analysis

The price remains under bearish pressure as long as it trades below the key resistance levels of 2,576 and 2,588.

Bearish Scenario:
The price may retest the resistance levels at 2,576 or 2,588 before resuming its decline. A drop is expected towards 2,558, and if this level is breached, the downward momentum could extend to 2,526.

Bullish Scenario:
To confirm a bullish reversal, the price must decisively break above 2,588. This breakout could pave the way for an upward move targeting 2,612.

Key Levels:
Pivot Point: 2576
Support Levels: 2558, 2527, 2500
Resistance Levels: 2588, 2612, 2625

Trend Outlook:
- Bearish by stability below 2588 and 2576
- Bullish Correction till 2588