GOLD Update: Consolidation Zone with Bearish Breakout Risks
Technical Analysis
The price dropped from 2677 to 2606, approximately $70, as mentioned yesterday.
Today, the price is expected to consolidate between 2587 and 2606 until a breakout occurs.
A bearish trend will be activated if a 4H candle closes below 2587, targeting 2553. Conversely, a 4H candle close above 2606 would indicate a bullish trend, with potential targets at 2629 and 2644.
Key Levels:
Pivot Point: 2587
Resistance Levels: 2606, 2616, 2629
Support Levels: 2574, 2553, 2526
Trend Outlook:
Consolidation between 2587 and 2606
Bearish trend below 2587
previous idea:
The price dropped from 2677 to 2606, approximately $70, as mentioned yesterday.
Today, the price is expected to consolidate between 2587 and 2606 until a breakout occurs.
A bearish trend will be activated if a 4H candle closes below 2587, targeting 2553. Conversely, a 4H candle close above 2606 would indicate a bullish trend, with potential targets at 2629 and 2644.
Key Levels:
Pivot Point: 2587
Resistance Levels: 2606, 2616, 2629
Support Levels: 2574, 2553, 2526
Trend Outlook:
Consolidation between 2587 and 2606
Bearish trend below 2587
previous idea:
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