Gold (GOLD/USD) at a Crucial Support Level
On the daily chart, Gold (GOLD/USD) remains in a long-term ascending channel but is currently testing a critical support area around 2,550.00, following a significant retracement from the recent high of 2,800. This support level suggests a potential reversal or price stabilization, given its historical role as a strong technical barrier. Technical indicators also hint at a slowing of the recent bearish momentum, though signs of a continuation pattern may imply short-term selling pressure remains present.
Technical Indicators
TDI: The indicator reveals a bullish divergence, hinting that the bearish momentum might be losing steam. However, this could represent a corrective pause rather than a full reversal, with selling pressure likely to persist short-term.
Key Levels:
Support: 2,550.00 (lower bound of the ascending channel).
Resistance: 2,658.00, with a further critical level at 2,800.00.
Ascending Channel: Gold is testing the lower edge of this long-term channel, which has historically acted as a robust support zone, creating potential for a reversal.
Sell at Resistance Rejection
Entry: 2,650.00
Stop Loss: 2,700.00
Take Profit: 2,450.00
Risk-Reward Ratio: 3:1
Rationale: If the price rises toward 2,658.00 and encounters resistance, this could signal a selling opportunity, particularly if price action confirms a rejection at this level. A rejection would suggest that buyers are insufficient to drive prices higher, potentially resulting in a downward move toward 2,500.00.
Gold sits at a pivotal technical point within its long-term ascending channel. Although the setup allows for channel-based trades, such as buying near support or selling near resistance, current bearish pressures present a more cautious outlook for buy entries. The most compelling strategy is selling at resistance (2,658.00), aiming to capitalize on bearish momentum if a confirmed rejection occurs. Monitoring price action on lower timeframes is essential for refining entries and adjusting to emerging patterns.
Disclaimer: The information provided does not constitute investment advice.
Technical Indicators
TDI: The indicator reveals a bullish divergence, hinting that the bearish momentum might be losing steam. However, this could represent a corrective pause rather than a full reversal, with selling pressure likely to persist short-term.
Key Levels:
Support: 2,550.00 (lower bound of the ascending channel).
Resistance: 2,658.00, with a further critical level at 2,800.00.
Ascending Channel: Gold is testing the lower edge of this long-term channel, which has historically acted as a robust support zone, creating potential for a reversal.
Sell at Resistance Rejection
Entry: 2,650.00
Stop Loss: 2,700.00
Take Profit: 2,450.00
Risk-Reward Ratio: 3:1
Rationale: If the price rises toward 2,658.00 and encounters resistance, this could signal a selling opportunity, particularly if price action confirms a rejection at this level. A rejection would suggest that buyers are insufficient to drive prices higher, potentially resulting in a downward move toward 2,500.00.
Gold sits at a pivotal technical point within its long-term ascending channel. Although the setup allows for channel-based trades, such as buying near support or selling near resistance, current bearish pressures present a more cautious outlook for buy entries. The most compelling strategy is selling at resistance (2,658.00), aiming to capitalize on bearish momentum if a confirmed rejection occurs. Monitoring price action on lower timeframes is essential for refining entries and adjusting to emerging patterns.
Disclaimer: The information provided does not constitute investment advice.
Penafian
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