Gold Technical: Key Levels and Trend Outlook for the Week

Gold Trading Lower Despite Dollar Weakness
Gold prices traded lower on Friday afternoon, even as the dollar retreated from its highest level in more than two years and Treasury yields eased.

Gold Technical Analysis
The price precisely reached our resistance level at 2665 and then dropped to the pivot line at 2636, as anticipated in the previous week's analysis.


For this week, the initial move is expected to test 2653. The price must then break 2653 to reach 2665. To move further toward 2678, a 4-hour candle close above 2665 is required.

However, if the price closes a 4-hour candle below 2636, it is likely to drop to 2623. A sustained move below 2623 could lead to a further decline toward 2603.

Key Levels
Pivot Point: 2636
Resistance Levels: 2653, 2665, 2678
Support Levels: 2623, 2603, 2658

Trend Outlook
Consolidation: Between 2636 and 2653
Bullish Trend: Above 2645
Bearish Trend: Below 2636

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