Breakout Above Resistance Points to $2340-$2350 Target
Diupdate
Gold Movement Analysis
Date of Analysis: 02nd July 2024
Key Levels:
Strong Support: $2316
Strong Resistance: $2350 and $2365
Current Situation:
Gold has broken through the strong resistance levels.
Expected Movement:
Given this breakout, it is reasonable to expect gold to continue its upward momentum and potentially reach the target range of $2340-$2350.
Analysis:
Support and Resistance Levels:
Support at $2316: This level acts as a safety net where buying interest is strong enough to prevent the price from falling further.
Resistance at $2350 and $2365: These were levels where selling interest was strong enough to prevent the price from rising further. With the price breaking through these levels, it indicates a shift in market sentiment.
Breakout Confirmation:
A breakout above the resistance levels suggests that buyers have gained control, overcoming the selling pressure. This often leads to further upward movement as new buying interest is triggered.
Next Target:
With the resistance levels at $2350 and $2365 being breached, the next logical target would be the range of $2340-$2350. This is based on technical analysis principles, where a breakout often leads to the price moving to the next significant level.
Conclusion:
The breach of the $2350 and $2365 resistance levels is a bullish signal, indicating that gold prices are likely to move higher. The next target for gold is within the range of $2340-$2350, assuming the current momentum continues. It is important to monitor any new developments or changes in market conditions that could affect this projection.
Date of Analysis: 02nd July 2024
Key Levels:
Strong Support: $2316
Strong Resistance: $2350 and $2365
Current Situation:
Gold has broken through the strong resistance levels.
Expected Movement:
Given this breakout, it is reasonable to expect gold to continue its upward momentum and potentially reach the target range of $2340-$2350.
Analysis:
Support and Resistance Levels:
Support at $2316: This level acts as a safety net where buying interest is strong enough to prevent the price from falling further.
Resistance at $2350 and $2365: These were levels where selling interest was strong enough to prevent the price from rising further. With the price breaking through these levels, it indicates a shift in market sentiment.
Breakout Confirmation:
A breakout above the resistance levels suggests that buyers have gained control, overcoming the selling pressure. This often leads to further upward movement as new buying interest is triggered.
Next Target:
With the resistance levels at $2350 and $2365 being breached, the next logical target would be the range of $2340-$2350. This is based on technical analysis principles, where a breakout often leads to the price moving to the next significant level.
Conclusion:
The breach of the $2350 and $2365 resistance levels is a bullish signal, indicating that gold prices are likely to move higher. The next target for gold is within the range of $2340-$2350, assuming the current momentum continues. It is important to monitor any new developments or changes in market conditions that could affect this projection.
Trading ditutup: target tercapai
Target reached to 2339
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