Gold Struggles at Resistance: Reversal Ahead?
Gold is currently trading around $2,915, hovering near its key resistance at $2,925. The market has failed to break above this level, indicating strong selling pressure and potential downside risks.
On the technical side, price action shows a familiar pattern, where previous attempts to break resistance resulted in sharp declines towards support. If history repeats, gold may face further selling pressure, targeting the $2,887 support zone. A breakdown below this level could open the door for a deeper correction towards $2,850.
Additionally, the RSI indicator suggests a neutral momentum, meaning a decisive move in either direction could be triggered soon. Traders should watch for a confirmed breakdown or a potential bounce from support before taking action.
What’s your outlook? Will gold hold its ground or head lower?
On the technical side, price action shows a familiar pattern, where previous attempts to break resistance resulted in sharp declines towards support. If history repeats, gold may face further selling pressure, targeting the $2,887 support zone. A breakdown below this level could open the door for a deeper correction towards $2,850.
Additionally, the RSI indicator suggests a neutral momentum, meaning a decisive move in either direction could be triggered soon. Traders should watch for a confirmed breakdown or a potential bounce from support before taking action.
What’s your outlook? Will gold hold its ground or head lower?
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⭐️I am here to help you make money:
Join the group to receive free signals:
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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.