Gold Spot Analysis (1H Timeframe)

2 Jan

Gold is currently testing a strong resistance zone around $2,658 - $2,676. This level has historically acted as a significant barrier, with prior attempts to break through resulting in sharp reversals.

Key points to note:

The resistance zone is clearly defined, and price action shows hesitation near this level.
A potential rejection from this zone could lead to a pullback towards the support levels at $2,637 and further down to $2,619, as indicated by the green target areas.
On the other hand, a breakout above $2,676 with strong momentum could signal a bullish continuation, invalidating the resistance.

Trading Plan:
Watch for bearish candlestick patterns or confirmation signals near resistance for potential short entries.
If entering short, aim for the support targets at $2,637 and $2,619, keeping the stop-loss just above $2,676.
In case of a breakout, wait for a retest of the resistance zone as support before considering long entries.

📊 Risk management remains key—always trade with a clear plan and disciplined execution.