Gold: Maintaining Downward Momentum
Gold Technical Analysis
The price recently tested resistance at 2651 before retreating.
Today, the price is expected to consolidate within the range of 2647 to 2638, showing bearish momentum. For the bullish trend to resume, the price must stabilize above 2647 by closing 4h candle above it, targeting 2661 as the next resistance. Conversely, as long as the price trades below 2647 and 2638, the trend is likely to remain bearish, with potential declines toward 2623 and 2612.
Key Levels:
Pivot Point: 2647
Resistance Levels: 2661, 2678, 2706
Support Levels: 2625, 2612, 2585
Trend Outlook
Uptrend: Bullish momentum is expected if the price holds above 2649.
Bearish Momentum: Dominant as long as the price remains below 2647.
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