GOLD looks bearish..
Technical Analysis:
On the 4-hour timeframe, there’s a supply zone between $2,490 and $2,480.
The primary scenario is bearish, but if the price breaks above $2,520, that scenario would be invalidated.
Immediate resistance levels are $2,512 to $2,516, while support lies around $2,491 to $2,480.
A potential resistance area is $2,524 to $2,528.
The swing range is roughly $2,480 to $2,465.
Bearish Signals:
The gold up-move appears over-extended, which could indicate weakness.
Keep an eye on the $2,170 level as a potential target if the bearish setup continues.
On the 4-hour timeframe, there’s a supply zone between $2,490 and $2,480.
The primary scenario is bearish, but if the price breaks above $2,520, that scenario would be invalidated.
Immediate resistance levels are $2,512 to $2,516, while support lies around $2,491 to $2,480.
A potential resistance area is $2,524 to $2,528.
The swing range is roughly $2,480 to $2,465.
Bearish Signals:
The gold up-move appears over-extended, which could indicate weakness.
Keep an eye on the $2,170 level as a potential target if the bearish setup continues.
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