1. Channel Analysis:
Gold has been moving within an ascending channel for some time. However, it recently broke below this channel, which indicates a potential shift in the bullish trend. This break could signal a possible correction or retracement as the price starts moving downward.
2. Key Resistance and Support Zones:
The price has been rejected from a resistance zone near the $2,650 level, as indicated by the orange box at the top of the chart. This resistance coincides with previous highs and has led to the current downward movement.
Below, there is a support zone at around $2,603, which is marked by the lower orange box. This level is key because it's where we might see buyers stepping in if the price continues to drop.
3. Price Prediction:
Based on the break of the ascending channel and the rejection from resistance, the expectation is that Gold will continue moving downwards.
The green arrow suggests the price might retest the $2,603 support level before possibly finding a bounce or continuing further downward, depending on how strong the selling pressure is.
In summary, the chart shows that Gold is likely entering a corrective phase after breaking out of an ascending channel and being rejected at resistance. The target for the potential retracement is the $2,603 support zone, where we could see a reaction from buyers.
Gold has been moving within an ascending channel for some time. However, it recently broke below this channel, which indicates a potential shift in the bullish trend. This break could signal a possible correction or retracement as the price starts moving downward.
2. Key Resistance and Support Zones:
The price has been rejected from a resistance zone near the $2,650 level, as indicated by the orange box at the top of the chart. This resistance coincides with previous highs and has led to the current downward movement.
Below, there is a support zone at around $2,603, which is marked by the lower orange box. This level is key because it's where we might see buyers stepping in if the price continues to drop.
3. Price Prediction:
Based on the break of the ascending channel and the rejection from resistance, the expectation is that Gold will continue moving downwards.
The green arrow suggests the price might retest the $2,603 support level before possibly finding a bounce or continuing further downward, depending on how strong the selling pressure is.
In summary, the chart shows that Gold is likely entering a corrective phase after breaking out of an ascending channel and being rejected at resistance. The target for the potential retracement is the $2,603 support zone, where we could see a reaction from buyers.
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