Gold has shown a rejection from the 60% Fibonacci resistance zone as we anticipated, and the price is now testing crucial support levels. The market is currently finding some stability around key areas that we need to monitor closely.
Our primary support zone remains at 3340-3345, which is particularly significant as this was the previous breakout area. This level has proven to be strong in the past and could provide the foundation for any potential bounce. Just below this, we have the 3335 pivot acting as additional support, creating a solid floor for the current price action.
What makes the current setup interesting is that price is attempting to reclaim the 3350 level. If we can see a successful breakout above Monday's high, this could trigger a strong bullish move as it would indicate that buyers are regaining control and pushing through previous resistance levels.
Today's CPI data release will be the main driver for gold's direction.
The trading scenario looks fairly straightforward a break above Monday's high with good volume would signal bullish momentum and could target higher resistance levels. we already seen a strong bounce from the 3340-3345 support zone in opening today,. However, if the 3335 pivot fails to hold, we might see further downside pressure.
Our primary support zone remains at 3340-3345, which is particularly significant as this was the previous breakout area. This level has proven to be strong in the past and could provide the foundation for any potential bounce. Just below this, we have the 3335 pivot acting as additional support, creating a solid floor for the current price action.
What makes the current setup interesting is that price is attempting to reclaim the 3350 level. If we can see a successful breakout above Monday's high, this could trigger a strong bullish move as it would indicate that buyers are regaining control and pushing through previous resistance levels.
Today's CPI data release will be the main driver for gold's direction.
The trading scenario looks fairly straightforward a break above Monday's high with good volume would signal bullish momentum and could target higher resistance levels. we already seen a strong bounce from the 3340-3345 support zone in opening today,. However, if the 3335 pivot fails to hold, we might see further downside pressure.
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✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Penerbitan berkaitan
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.