Gold will Have a correction and then will go Down again
Gold remains in a long-term downtrend across higher timeframes and is currently navigating within a key resistance range between $2,593 and $2,601. We expect this resistance zone to be broken soon, with gold attempting to retest the next resistance range between $2,610 and $2,617. The reaction at this resistance zone is critical. If gold manages to break above $2,617 and sustains trading above this level, there is potential for a move toward its next major resistance around $2,650.
As we can see on the chart, gold has created a **price gap** near the support level of $2,657 with the opening of the market today. This gap is likely to be filled soon. Therefore, if gold faces rejection at the $2,617 resistance and we receive a sell signal, we could expect a pullback toward the gap area and a test of lower levels around $2,567 and $2,546.
### Additional Analysis on Today’s Gold Movement:
Given the ongoing bearish trend in the broader market, today's price action could confirm a short-term correction if gold fails to break above the resistance at $2,617. The gap formed at $2,657 suggests a potential retracement, which is a natural technical occurrence in such market conditions. A failure to break through $2,617 may lead to a filling of this gap, resulting in downward pressure toward the support levels mentioned.
If the price moves past $2,617 with strong momentum, however, this could signal a shift in the near-term trend, opening the door for a move toward the $2,650 resistance level. Traders should be cautious around these key levels and watch for any signs of reversal or continuation based on how gold reacts to these resistance zones.
### Key Levels to Watch:
- **Resistance**: $2,617 (critical for continuation)
- **Support**: $2,657 (gap area), $2,567, $2,546 (possible pullback targets)
In summary, the market's reaction at these resistance and support levels will dictate the short-term direction for gold, with a key focus on the $2,617 resistance and the potential gap fill near $2,657.
As we can see on the chart, gold has created a **price gap** near the support level of $2,657 with the opening of the market today. This gap is likely to be filled soon. Therefore, if gold faces rejection at the $2,617 resistance and we receive a sell signal, we could expect a pullback toward the gap area and a test of lower levels around $2,567 and $2,546.
### Additional Analysis on Today’s Gold Movement:
Given the ongoing bearish trend in the broader market, today's price action could confirm a short-term correction if gold fails to break above the resistance at $2,617. The gap formed at $2,657 suggests a potential retracement, which is a natural technical occurrence in such market conditions. A failure to break through $2,617 may lead to a filling of this gap, resulting in downward pressure toward the support levels mentioned.
If the price moves past $2,617 with strong momentum, however, this could signal a shift in the near-term trend, opening the door for a move toward the $2,650 resistance level. Traders should be cautious around these key levels and watch for any signs of reversal or continuation based on how gold reacts to these resistance zones.
### Key Levels to Watch:
- **Resistance**: $2,617 (critical for continuation)
- **Support**: $2,657 (gap area), $2,567, $2,546 (possible pullback targets)
In summary, the market's reaction at these resistance and support levels will dictate the short-term direction for gold, with a key focus on the $2,617 resistance and the potential gap fill near $2,657.
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