Gold Prices Surge, Testing the 2,800 Resistance Level
Gold reached a peak of $2,771.61/oz on October 29, driven by political uncertainties and expectations of a Fed rate cut, climbing 0.9% to $2,766/oz.
Currently, gold remains in a strong uptrend, approaching the critical resistance level at 2,800 – a barrier that could put pressure on further growth.
However, the support zone at 2,700, along with the trendline, acts as a potential “launchpad” if there’s a slight pullback.
A smart strategy is to wait for a pullback to this support zone to buy in, capitalizing on a possible rebound.
Don’t forget to place a stop-loss below the support level, as in this game, a single slip could shift the entire market landscape.
Currently, gold remains in a strong uptrend, approaching the critical resistance level at 2,800 – a barrier that could put pressure on further growth.
However, the support zone at 2,700, along with the trendline, acts as a potential “launchpad” if there’s a slight pullback.
A smart strategy is to wait for a pullback to this support zone to buy in, capitalizing on a possible rebound.
Don’t forget to place a stop-loss below the support level, as in this game, a single slip could shift the entire market landscape.
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