Gold Eyes $2,604 and $2,562 Targets
Good morning traders,
Trust your day is off to a great start. Take a moment to read my analysis of the Gold market, and give your view.
Overview
Gold is currently trading at $2,662.25, caught between a bullish and bearish triangle range. This follows an impulsive upward movement from Friday’s low of $2,612.89, driven by the Non-Farm Payroll (NFP) data. However, the upward momentum appears to have stalled, with price action signaling potential reversal patterns.
Idea
The price formation resembles a double top, a bearish pattern, with a strong resistance zone above, suggesting a possible downward move. If the price breaks below the neckline, it would confirm bearish momentum. Key support levels to monitor include $2,604.59 and $2,562.67. Conversely, if the price breaks above the $2,689.29 resistance level, the bearish scenario would be invalidated, signaling a continuation of bullish momentum.
Conclusion
Gold's current price action presents a mixed outlook. While the double top and resistance zone hint at a bearish move, the market must confirm this by breaking the neckline.
Cheers and happy trading!
Trust your day is off to a great start. Take a moment to read my analysis of the Gold market, and give your view.
Overview
Gold is currently trading at $2,662.25, caught between a bullish and bearish triangle range. This follows an impulsive upward movement from Friday’s low of $2,612.89, driven by the Non-Farm Payroll (NFP) data. However, the upward momentum appears to have stalled, with price action signaling potential reversal patterns.
Idea
The price formation resembles a double top, a bearish pattern, with a strong resistance zone above, suggesting a possible downward move. If the price breaks below the neckline, it would confirm bearish momentum. Key support levels to monitor include $2,604.59 and $2,562.67. Conversely, if the price breaks above the $2,689.29 resistance level, the bearish scenario would be invalidated, signaling a continuation of bullish momentum.
Conclusion
Gold's current price action presents a mixed outlook. While the double top and resistance zone hint at a bearish move, the market must confirm this by breaking the neckline.
Cheers and happy trading!
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.