Gold Price Analysis: Consolidation and Key Breakout Levels
Gold Technical Analysis
The price has reached the resistance zone at 2706 and stabilized below it. Currently, the market is expected to consolidate within the range of 2681 to 2706 until a breakout occurs, with the bias leaning towards a move towards 2681.
Bearish Scenario: The price is likely to test 2681 next. A confirmed break below 2681 would establish a bearish trend, with potential downside targets at 2673 and 2661.
Bullish Scenario: If the price stabilizes above 2681, it may retest the 2706 resistance. A breakout above 2706 could signal bullish momentum, propelling the price towards 2739.
Key Levels:
Pivot Point: 2691
Support Levels: 2681, 2673, 2661
Resistance Levels: 2706, 2717, 2739
The price has reached the resistance zone at 2706 and stabilized below it. Currently, the market is expected to consolidate within the range of 2681 to 2706 until a breakout occurs, with the bias leaning towards a move towards 2681.
Bearish Scenario: The price is likely to test 2681 next. A confirmed break below 2681 would establish a bearish trend, with potential downside targets at 2673 and 2661.
Bullish Scenario: If the price stabilizes above 2681, it may retest the 2706 resistance. A breakout above 2706 could signal bullish momentum, propelling the price towards 2739.
Key Levels:
Pivot Point: 2691
Support Levels: 2681, 2673, 2661
Resistance Levels: 2706, 2717, 2739
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