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GOLD/ Critical Resistance at 2730-2740 Holds the Key to Future
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Gold technical analysis
The gold price is currently trading just below a crucial resistance zone, which lies between 2730 and 2740. This zone acts as a sensitive barrier for price action, as repeated attempts to break above it have been met with strong selling pressure. For the bullish momentum to continue, a decisive breakout above this range is necessary. Such a move would likely pave the way for a rally toward the next significant level, the previous high of 2789.
However, as long as the price remains below this critical resistance zone, the bearish trend will remain dominant. If sellers regain control, the price may retrace toward the immediate support level at 2699. A further decline below this level could extend the bearish move to the next key support at 2665, which has historically acted as a strong barrier against falling prices.
Should bearish pressure intensify, the price could eventually test the broader demand zone, situated between 2604 and 2585. This zone has previously shown significant buying activity, and any movement into this region would likely attract new buyers, potentially halting further declines.
At present, the market shows signs of indecision as the price attempts to breach the 2730-2740 resistance zone. Traders are watching closely for a clear breakout or rejection from this level. A breakout would shift the market sentiment to bullish, while a failure to break above would reinforce the bearish bias, keeping the focus on lower support levels.
The gold price is currently trading just below a crucial resistance zone, which lies between 2730 and 2740. This zone acts as a sensitive barrier for price action, as repeated attempts to break above it have been met with strong selling pressure. For the bullish momentum to continue, a decisive breakout above this range is necessary. Such a move would likely pave the way for a rally toward the next significant level, the previous high of 2789.
However, as long as the price remains below this critical resistance zone, the bearish trend will remain dominant. If sellers regain control, the price may retrace toward the immediate support level at 2699. A further decline below this level could extend the bearish move to the next key support at 2665, which has historically acted as a strong barrier against falling prices.
Should bearish pressure intensify, the price could eventually test the broader demand zone, situated between 2604 and 2585. This zone has previously shown significant buying activity, and any movement into this region would likely attract new buyers, potentially halting further declines.
At present, the market shows signs of indecision as the price attempts to breach the 2730-2740 resistance zone. Traders are watching closely for a clear breakout or rejection from this level. A breakout would shift the market sentiment to bullish, while a failure to break above would reinforce the bearish bias, keeping the focus on lower support levels.
Dagangan aktif
The price has successfully broken above the critical resistance zone of 2730-2740, signaling a potential bullish trend. However, before the uptrend can continue, the market is likely to undergo a correction phase. This correction will help confirm the strength of the breakout and establish the 2730-2740 zone as a new support.
Once the correction concludes and the price stabilizes above this level, the next target is the previous high at 2789. Traders should remain patient, watching for the price to hold above the 2730-2740 zone before confirming the continuation of the bullish trend.
Penafian
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