GOLD- Navigating Key Levels Amid Geopolitical Tensions
As Friday's trading came to a close, uncertainty lingered over whether the world would continue its usual rhythm into Monday morning. Russia's President Vladimir Putin had raised the specter of nuclear retaliation in response to Ukraine's missile strikes on Russian territory, with the backing of the Biden Administration. However, a review of weekend headlines indicates no significant escalations across the Black Sea region or Eastern Europe.
Gold Technical Analysis
Gold prices retreated from their resistance level at 2718, signaling a pause in the bullish rally.
Bullish Outlook: As long as the price remains above 2662, the bullish trend is expected to persist, with potential upward targets at 2706 and 2739. If the price stabilizes above 2681 and 2661, it could confirm bullish momentum, prompting a retest of 2706 and potentially extending to 2739.
Bearish Outlook: A decisive break below 2661, confirmed by sustained trading or a significant candle close, would signal a bearish reversal. This could lead to downside targets at 2644 and 2625.
Key Levels:
Pivot Point: 2681
Resistance Levels: 2706, 2718, 2739
Support Levels: 2661, 2644, 2625
Gold Technical Analysis
Gold prices retreated from their resistance level at 2718, signaling a pause in the bullish rally.
Bullish Outlook: As long as the price remains above 2662, the bullish trend is expected to persist, with potential upward targets at 2706 and 2739. If the price stabilizes above 2681 and 2661, it could confirm bullish momentum, prompting a retest of 2706 and potentially extending to 2739.
Bearish Outlook: A decisive break below 2661, confirmed by sustained trading or a significant candle close, would signal a bearish reversal. This could lead to downside targets at 2644 and 2625.
Key Levels:
Pivot Point: 2681
Resistance Levels: 2706, 2718, 2739
Support Levels: 2661, 2644, 2625
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