New ATH looks imminent, but how will the break be?
Yesterday's CPI report failed to provide a clear direction for Gold's mid-term movement. After initial volatility, during which the $2500 level held as support for the fourth time in two days, Gold once again closed the day near the middle of its range.
While we can't draw a definitive conclusion from the price action, it seems that the price is pressing towards the previous all-time high, and a new high appears imminent. In the short term, the outlook remains bullish as long as the $2500 level holds.
The key mid-term question is: What will the nature of the potential breakout be (if one occurs)? Given the more than one-month consolidation, we could see a strong breakout with upward acceleration.
However, the $2540 zone, which serves as resistance in the newly formed upward channel, poses a technical challenge. A failure to break above this level could see Gold retreat below $2500.
In conclusion: Short-term outlook remains bullish, but mid-term direction is still unclear.
While we can't draw a definitive conclusion from the price action, it seems that the price is pressing towards the previous all-time high, and a new high appears imminent. In the short term, the outlook remains bullish as long as the $2500 level holds.
The key mid-term question is: What will the nature of the potential breakout be (if one occurs)? Given the more than one-month consolidation, we could see a strong breakout with upward acceleration.
However, the $2540 zone, which serves as resistance in the newly formed upward channel, poses a technical challenge. A failure to break above this level could see Gold retreat below $2500.
In conclusion: Short-term outlook remains bullish, but mid-term direction is still unclear.
Dagangan ditutup: sasaran tercapai
As expected it made a new ATH and reached the resistance of the channelDagangan aktif
Yesterday I was wondering how will the break be?It has been a very strong one, the price rose above the channel's resistance and closed toward the high of the day.
XauUsd remains extremely bullish
2530 acts as support, but low chances of dropping there
tradingview.com/chart/GfczDMMy/
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
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t.me/FanCryptocurrency
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.