Chart Analysis: Bullish Momentum and Key Support and Resistance
The daily chart shows a bullish Golden Cross between the 20-day and 50-day Moving Averages (MA) formed in late July. Despite this, there has been a lack of significant upward progress since then, which is undermining the bullish crossover. Immediate support is identified as the rising trendline from February and the 1936 inflection point.
A breach below these levels would indicate a growing bearish technical outlook, aligning with the IGCS signal. Alternatively, the trendline maintains an overall bullish bias. Further downside could expose the 38.2% Fibonacci retracement level at 1903, closely aligned with June's lows. If this level is convincingly breached, a retest of the March low becomes possible.
Conversely, a rebound from current levels shifts focus to the 23.6% Fibonacci retracement level at 1971.63. A clear breakthrough here would enhance the bullish technical perspective, potentially leading to a retest of earlier highs this year.
GOLD
BUY 1931- 1933💯💯
✅ TP1: 1937
✅ TP2: 1941
🛑 SL: 1927
A breach below these levels would indicate a growing bearish technical outlook, aligning with the IGCS signal. Alternatively, the trendline maintains an overall bullish bias. Further downside could expose the 38.2% Fibonacci retracement level at 1903, closely aligned with June's lows. If this level is convincingly breached, a retest of the March low becomes possible.
Conversely, a rebound from current levels shifts focus to the 23.6% Fibonacci retracement level at 1971.63. A clear breakthrough here would enhance the bullish technical perspective, potentially leading to a retest of earlier highs this year.
GOLD
BUY 1931- 1933💯💯 ✅ TP1: 1937
✅ TP2: 1941
🛑 SL: 1927
