Technical Analysis: Gold
The price reversed to a bullish trend after closing 4h candle above 2332, so the next bullish station is 2337 and 2357
The price reversed to a bullish trend after closing 4h candle above 2332, so the next bullish station is 2337 and 2357
- Current Outlook:
The trend appears bullish for today, as the price has stabilized above 2323. As long as it remains above 2323, it is expected to touch 2338, and above it will get 2357
- Bullish Scenario:
as long as the price trades above 2323 means has a bullish trend toward 2337 and then should break 2338 to continue the bullish trend till 2357, There is also the possibility of a price correction down to 2323.5
- Bearish Scenario:
As long as the price trades below 2321, it is likely to drop to 2302. A 4-hour candle close below 2292 would suggest a further downtrend towards 2260.
- Key Levels:
- Pivot Line: 2321
- Resistance Levels: 2337, 2357, 2369
- Support Levels: 2302, 2292, 2260
- Today's Expected Range:
The price is anticipated to move between the support at 2223 and the resistance at 2357.
In summary, maintaining a position above 2323 supports a bullish outlook, targeting resistance levels. Conversely, breaking under the support line could shift the trend to bearish, aiming for a lower support zone.
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