GOLD: Bearish Pressure Persists Below Key Levels
GOLD
Technical Analysis
The price remains under bearish pressure as long as it trades below the key resistance levels of 2,576 and 2,588.
Bearish Scenario:
The price may retest the resistance levels at 2,576 or 2,588 before resuming its decline. A drop is expected towards 2,558, and if this level is breached, the downward momentum could extend to 2,526.
Bullish Scenario:
To confirm a bullish reversal, the price must decisively break above 2,588. This breakout could pave the way for an upward move targeting 2,612.
Key Levels:
Pivot Point: 2576
Support Levels: 2558, 2527, 2500
Resistance Levels: 2588, 2612, 2625
Trend Outlook:
- Bearish by stability below 2588 and 2576
- Bullish Correction till 2588
Technical Analysis
The price remains under bearish pressure as long as it trades below the key resistance levels of 2,576 and 2,588.
Bearish Scenario:
The price may retest the resistance levels at 2,576 or 2,588 before resuming its decline. A drop is expected towards 2,558, and if this level is breached, the downward momentum could extend to 2,526.
Bullish Scenario:
To confirm a bullish reversal, the price must decisively break above 2,588. This breakout could pave the way for an upward move targeting 2,612.
Key Levels:
Pivot Point: 2576
Support Levels: 2558, 2527, 2500
Resistance Levels: 2588, 2612, 2625
Trend Outlook:
- Bearish by stability below 2588 and 2576
- Bullish Correction till 2588
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