Gold Faces Bearish Pressure Below $2,670

27 Sep 2024

Technical Analysis:

Today, the gold market is expected to follow a bearish trend, driven by high selling volume, targeting $2,657 and potentially $2,648.

If the price remains below $2,670, it is likely to test $2,657, with further declines possible to $2,648. However, a break above $2,670 could push the price to $2,680, and a sustained break above $2,680 would extend the bullish trend towards $2,699.

Key Levels:
Pivot Point: 2670
Resistance Levels: 2680, 2690, 2699
Support Levels: 2657, 2648, 2634

Trend:
Bearish: While below 2,670
Bullish: Upon breaking 2,680

29 Sep 2024

Dagangan ditutup: sasaran tercapai

Current Price: XAU/USD is trading around $2,658.55, showing slight bullish pressure.

Resistance Levels: The major resistance lies around $2,680 to $2,699 (all-time high zone), which may act as a strong barrier for further upward movement.

Support Levels: Immediate support is seen near $2,634, followed by stronger support around $2,615. If this level breaks, the next significant support is at $2,587.

Price Action: The market is still in a bullish zone after a clear breakout, but there might be a pullback near the resistance area around $2,699.

Outlook: A pullback to support zones is expected before a continuation to retest the resistance. If the price fails to maintain momentum, there could be a correction towards the lower support zones.

In summary, XAU/USD remains bullish but could face a pullback from resistance near $2,699 before deciding the next directional move.