Gold Outlook
Price Action Analysis: Key Levels at 2672 - Bearish or Bullish for This Commodity?
Currently, price action around 2672 is encountering resistance, forming a potential hurdle for further upward movement. Here’s what I’m watching:
Bearish Scenario: If the resistance at 2672 holds, there could be a move to the downside, with the next support zone around 2659. This suggests a potential bearish trend if price fails to break above the current resistance level.
Bullish Scenario: Alternatively, if price pushes above 2675, it could signal a shift to bullish momentum, targeting 2689 as the next key resistance zone. A break above 2675 would likely indicate further upside potential.
Key Levels to Watch:
2672: Strong resistance zone. A failure to break above here could lead to a bearish move.
2659: Support zone to target in the bearish scenario.
2675: The breakout level to watch for bullish momentum.
2689: The next resistance level if the bullish trend is confirmed.
As always, monitor price action closely around these key levels and use proper risk management strategies when trading. Let’s see how the market plays out! 📊
Currently, price action around 2672 is encountering resistance, forming a potential hurdle for further upward movement. Here’s what I’m watching:
Bearish Scenario: If the resistance at 2672 holds, there could be a move to the downside, with the next support zone around 2659. This suggests a potential bearish trend if price fails to break above the current resistance level.
Bullish Scenario: Alternatively, if price pushes above 2675, it could signal a shift to bullish momentum, targeting 2689 as the next key resistance zone. A break above 2675 would likely indicate further upside potential.
Key Levels to Watch:
2672: Strong resistance zone. A failure to break above here could lead to a bearish move.
2659: Support zone to target in the bearish scenario.
2675: The breakout level to watch for bullish momentum.
2689: The next resistance level if the bullish trend is confirmed.
As always, monitor price action closely around these key levels and use proper risk management strategies when trading. Let’s see how the market plays out! 📊
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.