XAUUSD : Fake Breakout or Trend Reversal ?
Gold experienced a sharp decline, briefly breaking below key support levels and hitting a low of $2,896 before rebounding. The sudden drop caused high volatility, but buyers quickly stepped in, pushing the price back toward the previous consolidation zone. It is now trading around $2,925.
Currently, gold is attempting to re-enter the price range of $2,920 - $2,950. If the price fully recovers and trades within this range, it could confirm a fake breakout, signaling that the bullish trend remains intact.
Looking ahead, if gold successfully stabilizes above the lower boundary of this range, we might see another attempt to break above $2,950, potentially aiming for new highs. However, failure to hold above key levels could trigger renewed selling pressure.
📌 Key Levels to Watch:
Support: $2,895 - $2,924
Resistance: $2,940 - $2,950
Currently, gold is attempting to re-enter the price range of $2,920 - $2,950. If the price fully recovers and trades within this range, it could confirm a fake breakout, signaling that the bullish trend remains intact.
Looking ahead, if gold successfully stabilizes above the lower boundary of this range, we might see another attempt to break above $2,950, potentially aiming for new highs. However, failure to hold above key levels could trigger renewed selling pressure.
📌 Key Levels to Watch:
Support: $2,895 - $2,924
Resistance: $2,940 - $2,950
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✅You can get 5 - 7 gold signals - Forex every day
✅ Trading knowledge and answers to questions 24/7
✅Completely free.
👉Join by clicking the following link:
t.me/+QXTdazFwCRg5MGNl
✅ Trading knowledge and answers to questions 24/7
✅Completely free.
👉Join by clicking the following link:
t.me/+QXTdazFwCRg5MGNl
Related publications
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.