Gold Price at Key Decision Point – Breakout or Breakdown?

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Trend Analysis

Uptrend Channel (Green lines): Price was previously moving upward within a rising channel.

Breakdown: Price broke below the channel, indicating a trend reversal or weakening bullish momentum.



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Current Situation

Price: Currently around $3,294.98, down by 0.61%.

Trendline Resistance: A downward sloping trendline (green line) is acting as resistance.

The price is struggling to break this line, which is marked with a yellow circle.



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Key Scenarios

1. Bullish Breakout:

If price breaks above the resistance trendline,

The next potential target is around $3,350, as labeled on the chart.



2. Bearish Continuation:

If price fails to break the trendline and drops,

It may head towards the support zone (highlighted in red), likely between $3,270 - $3,260.





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Conclusion

Watch for breakout or rejection at the trendline.

Breakout = bullish move to $3,350.

Rejection = bearish drop to support zone.

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