DOLD Sensitive with Bullish

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Gold Technical Analysis

Gold extended gains on Friday as the U.S. dollar eased from two-month highs, fueled by rising expectations of a November Fed rate cut. Investors now await the Fed's key inflation gauge for guidance.

The price is above 2538 and in a bullish trend toward 2,650. If it reaches and breaks above this level, it is likely to rise further to reach 2,661.

For a bearish trend to develop, stability below 2,538 is required, with a potential target of 2,624. A break below 2,624, particularly with a 4-hour candle closing below this level, would confirm the bearish trend and could lead to a decline toward 2,515.

Key Levels:
Pivot Point: 2624
Resistance Levels: 2651, 2661, 2670.
Support Levels: 2638, 2624, 2615

Trend:
Bearish below 2624
Bullish above 2,638

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The price has risen as anticipated, reaching the target of 2651 and touching 2661.

Currently, the price is trading above 2651. If it can break above 2661, the uptrend is likely to continue towards 2670, with the final resistance at 2680.