Short-Term Pullback:
Overall Trend:
Short-Term Pullback: The recent price action confirms the pullback we observed on the daily chart. We see lower highs and lower lows forming on this timeframe, suggesting a bearish bias in the short term.
Longer-Term Uptrend Intact: It's important to remember that this pullback is occurring within the context of a larger uptrend. The daily chart still shows higher highs and higher lows.
Key Levels:
Support: The 2,650 level appears to be a significant support zone, with multiple touches and bounces. Another potential support lies around 2,640.
Resistance: Immediate resistance is seen around 2,660-2,665. A break above this could lead to a retest of the recent high around 2,680.
Candlestick Patterns:
Bearish Engulfing: Around the 2,680 level, we see a bearish engulfing pattern, which is a strong bearish signal. This indicates a potential shift in momentum.
Indecision Candles: Several doji and spinning top candles suggest indecision in the market, especially near the 2,650 support.
Possible Scenarios:
Short-Term Bounce: If the price holds the 2,650 support and shows signs of bullish reversal, we could see a bounce towards the 2,660-2,680 resistance zone.
Breakdown: A break below 2,650 could trigger further downside, with potential targets towards 2,640 and possibly lower.
Range-Bound Trading: The price might continue to consolidate between 2,650 and 2,665, with no clear direction in the very short term.
Trading Considerations:
Indicators: Consider using technical indicators like RSI, MACD, or Stochastic Oscillator to confirm potential entry and exit points.
Volume: Pay attention to volume patterns. Increasing volume on down moves could indicate further weakness, while increasing volume on up moves could signal a potential reversal.
News Events: Be aware of upcoming economic news releases that could impact gold prices, such as interest rate decisions or inflation data.
Disclaimer: This is a technical analysis based on the provided chart and is not financial advice. Always do your own research and consult with a financial professional before making any trading decisions.
Short-Term Pullback: The recent price action confirms the pullback we observed on the daily chart. We see lower highs and lower lows forming on this timeframe, suggesting a bearish bias in the short term.
Longer-Term Uptrend Intact: It's important to remember that this pullback is occurring within the context of a larger uptrend. The daily chart still shows higher highs and higher lows.
Key Levels:
Support: The 2,650 level appears to be a significant support zone, with multiple touches and bounces. Another potential support lies around 2,640.
Resistance: Immediate resistance is seen around 2,660-2,665. A break above this could lead to a retest of the recent high around 2,680.
Candlestick Patterns:
Bearish Engulfing: Around the 2,680 level, we see a bearish engulfing pattern, which is a strong bearish signal. This indicates a potential shift in momentum.
Indecision Candles: Several doji and spinning top candles suggest indecision in the market, especially near the 2,650 support.
Possible Scenarios:
Short-Term Bounce: If the price holds the 2,650 support and shows signs of bullish reversal, we could see a bounce towards the 2,660-2,680 resistance zone.
Breakdown: A break below 2,650 could trigger further downside, with potential targets towards 2,640 and possibly lower.
Range-Bound Trading: The price might continue to consolidate between 2,650 and 2,665, with no clear direction in the very short term.
Trading Considerations:
Indicators: Consider using technical indicators like RSI, MACD, or Stochastic Oscillator to confirm potential entry and exit points.
Volume: Pay attention to volume patterns. Increasing volume on down moves could indicate further weakness, while increasing volume on up moves could signal a potential reversal.
News Events: Be aware of upcoming economic news releases that could impact gold prices, such as interest rate decisions or inflation data.
Disclaimer: This is a technical analysis based on the provided chart and is not financial advice. Always do your own research and consult with a financial professional before making any trading decisions.
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