Gold at Resistance Amid Market Volatility & Geopolitical Tension

Aug 2Gold Technical Analysis: Resistance Reached Amid High Volatility and Geopolitical Tensions

Gold has reached the resistance level mentioned in the previous analysis, which is $2,466, marking an increase of approximately $26.

• Current Outlook:
  The price is expected to retest the levels around $2,450 or $2,440 before potentially pushing higher again. There is also the possibility of an immediate upward movement towards $2,475 and $2,493 due to high market volatility and geopolitical tensions in the Middle East.
  
  
  
• Bullish Scenario:
  To maintain the bullish trend, the price must break through $2,466, potentially rising to $2,475 and $2,485, aiming for a new all-time high.
  
  
• Bearish Scenario:
  If the price stabilizes below $2,466, a correction is likely, targeting $2,450 and $2,440. A bearish confirmation would occur if the price stabilizes below $2,420.
  
  
• Key Levels:
  - Pivot Line: $2,466
  - Resistance Levels: $2,475, $2,485, $2,493
  - Support Levels: $2,450, $2,440, $2,428
  
  Today's Expected Trading Range: The price is anticipated to fluctuate between the support level at $2,450 and the resistance level at $2,495.
  
  Previous idea: