Gold on the Edge: Awaiting the Breakout!

Currently, Gold is showing some interesting moves. We see the price consolidating between key weekly support and resistance levels, as indicated by the white lines. The 21 EMA is trending above the 8 EMA, suggesting a potential bullish sentiment in the short term. However, the recent rejection near the resistance level at around $2,387.71 hints at some selling pressure.

The market seems to be in a range, and we’re waiting for a clear breakout to define the next major move. A strong close above the resistance at $2,387.71 could pave the way for a bullish continuation towards the next resistance level. Conversely, a break below the support at $2,339.79 might signal a bearish move towards lower support levels.

Overall, my bias remains neutral until we get a decisive breakout from this range. Let’s keep a close eye on these levels and be ready to act accordingly.