Gold Breaks Resistance: Bullish Momentum or Reversal Ahead?

17 Eki

Gold Technical Analysis

• The price has recently broken above the resistance line at 2,677 and is attempting to stabilize above this level.
  
• If the price closes a 4-hour candle above 2,686, it could signal further bullish momentum, with potential targets at 2,698 and 2,723.
  
• However, if the price fails to maintain above 2,686, a pullback toward the support levels of around 2,661 and 2,624 may occur.
  
  Direction:Bullish: A sustained close above 2,686 would support a continued upward movement towards higher resistance levels.
  Bearish: If the price fails to hold above 2,686 and reverses, watch for a potential decline toward the support zones.
  
  Key Levels:
  Pivot Point: 2677
  Resistance Levels: 2686, 2698, 2723
  Support Levels: 2661, 2653, 2638
  
  Trend:
  Bearish below 2677
  Bullish above 2677