👀 Observation: Hello traders! Let’s dive into my analysis for gold (XAU/USD). Since 18 Nov 2024, we’ve observed a range-bound movement where the price bounces between the range's floor and ceiling. Currently, we’re at the weekly range ceiling, and I anticipate a downward move toward the range floor. My first target for gold is 2606. However, if the price consolidates above 2720 on the daily timeframe, we could see a breakout to new all-time highs.
📉 Expectation: Downward move from the range ceiling to the range floor at 2606, unless the 2720 level is broken. If 2720 is broken and holds, expect a bullish breakout and potential for new highs.
💡 Key Levels to Watch: Range floor target: 2606 Key resistance: 2720
💬 What are your thoughts on gold’s next move? Share your insights in the comments below!
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