Gold Price Analysis: Bullish Momentum Hinges on 2630 Support

Jan 6

XAUUSD began the year on a positive note. After testing the 2600 support level several times before the New Year, the price rose and reached a high of 2666 on Friday.

Currently, the price is undergoing a normal correction following the 600-pip rally and, at the time of writing, XAU/USD is testing support around 2635.

To sustain its bullish momentum, the price needs to reverse upward and reclaim the 2650 level. If this occurs, bulls could anticipate further continuation toward the 2700 resistance zone, with interim resistance levels at 2666 and 2680.

However, if the price falls below 2630, the 2600 level will once again be exposed, and Gold could remain range-bound.

For now, I remain bullish as long as the 2630 support level holds.

Jan 6

Trade active

After a short lived break under 2630 for grabbing liquidity, gold reversed strongly to the upside
New year high is probable now