Gold in Choppy Range

603
After breaking down from its trading range,gold quickly found buyers near the 2880 level, demonstrating strong support in that area. The bounce was impressive, pushing price back into the key decision zone between 2900-2930 (clearly visible as those two horizontal rectangles on the chart).Right now, gold trading at 2914.44, right in the middle of this range area.
This is now a "no trading zone" where bulls and bears are battling for control.
If gold can close a day above 2920-30, we could see a fresh rally targeting the all-time high. The momentum from such a breakout might even propel gold to new ATH territory.
On the downside, 2880 is now the major support to watch. A decisive break below this level could trigger more substantial selling.
Keep in mind that while we're in this 2900-2930 zone, price action remains indecisive. It's smart to wait for confirmation of the next move rather than trying to predict the direction inside this choppy range.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.