Gold reach long resistance

Trend Analysis:

Long-term Resistance: The red trend line marks a long-term resistance, indicating a significant level where the price has previously reversed. This level has been tested multiple times, reinforcing its strength.

Short-term Uptrend Channel: The black lines form an ascending channel, indicating a short-term uptrend where the price is making higher highs and higher lows.


Trading Strategy

Bullish Scenario:

Entry: If gold breaks and closes above $2,475 with significant volume, consider a long position.
Target: $2,490, followed by $2,500.
Stop-loss: Below the previous support level at $2,460.

Bearish Scenario:

Entry: If gold fails to break above $2,475 and shows signs of reversal, consider a short position.
Target: $2,450, followed by $2,420.
Stop-loss: Above the resistance level at $2,480.