GOLD: Pivot Zone at 2665 Key to Bullish or Bearish Momentum
Gold Technical Analysis
The price stabilized in the bullish zone after breaking above 2665. As previously mentioned, stability above 2665 led to a move toward 2678 and subsequently reached 2697 before reversing back to the pivot zone at 2665.
If the price trades above 2665 again, it is expected to push higher toward 2678 and 2688.
Conversely, a 1-hour candle close below 2665 would confirm a bearish trend, with the price likely dropping to 2653.
Key Levels:
Pivot Point: 2665
Resistance Levels: 2678, 2688, 2706
Support Levels: 2653, 2636, 2623
Trend Outlook:
Bullish Trend: Above 2665
Bearish Trend: Below 2665, with further confirmation below 2653
The price stabilized in the bullish zone after breaking above 2665. As previously mentioned, stability above 2665 led to a move toward 2678 and subsequently reached 2697 before reversing back to the pivot zone at 2665.
If the price trades above 2665 again, it is expected to push higher toward 2678 and 2688.
Conversely, a 1-hour candle close below 2665 would confirm a bearish trend, with the price likely dropping to 2653.
Key Levels:
Pivot Point: 2665
Resistance Levels: 2678, 2688, 2706
Support Levels: 2653, 2636, 2623
Trend Outlook:
Bullish Trend: Above 2665
Bearish Trend: Below 2665, with further confirmation below 2653
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