Ready to Break Major Resistance?
The current gold price chart is showing some pretty positive signs from my perspective. After a period of stable trading, the price started to move up sharply, breaking above both the 34 EMA and 89 EMA, which is usually a sign of a new uptrend. This is further reinforced by the current price path, where the price is still holding above these moving averages, implying that buying pressure is still strong.
From my perspective, the key point to watch in the short term will be the resistance level at around $2,660. If the gold price can hold and break above this level, I expect a strong rally that could push the price to even higher levels. However, if it fails, the price could revert to a sideways trend or even a slight dip to retest the support levels below.
What do you think about this prediction? Let me know in the comments
From my perspective, the key point to watch in the short term will be the resistance level at around $2,660. If the gold price can hold and break above this level, I expect a strong rally that could push the price to even higher levels. However, if it fails, the price could revert to a sideways trend or even a slight dip to retest the support levels below.
What do you think about this prediction? Let me know in the comments
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