Gold level support and resistance
Gold level support and resistance refers to key price levels on a chart where the price of gold tends to find support or resistance. Here’s a brief overview:
Support
Definition: A support level is a price point where demand is strong enough to prevent the price from falling further. Traders often see this level as a buying opportunity.
Indicators: Look for previous lows, moving averages, or Fibonacci retracement levels that coincide with this price.
Resistance
Definition: A resistance level is where selling interest is strong enough to prevent the price from rising. Traders often view this as a selling opportunity.
Indicators: Check for previous highs, trend lines, or Fibonacci extensions that align with this price.
Support
Definition: A support level is a price point where demand is strong enough to prevent the price from falling further. Traders often see this level as a buying opportunity.
Indicators: Look for previous lows, moving averages, or Fibonacci retracement levels that coincide with this price.
Resistance
Definition: A resistance level is where selling interest is strong enough to prevent the price from rising. Traders often view this as a selling opportunity.
Indicators: Check for previous highs, trend lines, or Fibonacci extensions that align with this price.
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