Gold will exit the sideway
Gold’s technical outlook has turned less constructive after prices breached a key trendline that has guided the market higher since late 2022. This breakdown has reinforced downward pressure, leading the metal to fall towards multi-month lows near $1,940, an important support level to monitor in the near term.
Looking ahead, traders should keep a close eye on gold's reaction around $1,940. If XAU/USD manages to establish a base around those levels and begins to rebound, initial resistance extends from $1,970 to $1,980, followed by $2,000. On further strength, the focus shifts to $2,050.
On the other hand, if sellers take out the $1,940 support, the underlying bias could turn quite bearish. This scenario could trigger a pullback towards $1,905, the 38.2% Fibonacci of the November 2022/May 2023 retracement. After that, the next area of interest sits at $1,880.
GOLD BUY 1934 - 1937 💯💯
✅ TP1: 1941
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1930
Looking ahead, traders should keep a close eye on gold's reaction around $1,940. If XAU/USD manages to establish a base around those levels and begins to rebound, initial resistance extends from $1,970 to $1,980, followed by $2,000. On further strength, the focus shifts to $2,050.
On the other hand, if sellers take out the $1,940 support, the underlying bias could turn quite bearish. This scenario could trigger a pullback towards $1,905, the 38.2% Fibonacci of the November 2022/May 2023 retracement. After that, the next area of interest sits at $1,880.
GOLD BUY 1934 - 1937 💯💯✅ TP1: 1941
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1930
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.