Gold made a solid attempt to break higher last week, but that 3360 resistance level (previous week's R1) proved to be a tough line to break. The bulls pushed hard but couldn't secure a clean breakout, and now we're seeing some of that momentum fade.
Price opened with a decline today, showing some weakness after last week's failed breakout attempt. This is typical behavior after hitting resistance, some profit-taking and repositioning is expected.
This week's pivot is at 3316, which is actually ascending from last week's 3308 pivot. This is still a positive sign and suggests the underlying structure remains constructive despite the recent pullback.
In the bigger timeframe, gold is still consolidating within a range. We're not seeing a complete breakdown of the bullish structure yet, but rather a pause after the rejection at key resistance.
Critical Levels to Watch:
Upside Breakout Level: Last week's high around 3360 remains the key level bulls need to reclaim for any meaningful continuation higher.
Defense Zone: The 3300-3308 area is crucial support. This zone encompasses both the psychological 3300 level and the previous week's pivot. Bulls need to defend this area to maintain their recent gains.
If price slides below 3300, we could see a decline back toward that recent swing low area. This would signal that the bulls have lost control of the near-term momentum.
Price opened with a decline today, showing some weakness after last week's failed breakout attempt. This is typical behavior after hitting resistance, some profit-taking and repositioning is expected.
This week's pivot is at 3316, which is actually ascending from last week's 3308 pivot. This is still a positive sign and suggests the underlying structure remains constructive despite the recent pullback.
In the bigger timeframe, gold is still consolidating within a range. We're not seeing a complete breakdown of the bullish structure yet, but rather a pause after the rejection at key resistance.
Critical Levels to Watch:
Upside Breakout Level: Last week's high around 3360 remains the key level bulls need to reclaim for any meaningful continuation higher.
Defense Zone: The 3300-3308 area is crucial support. This zone encompasses both the psychological 3300 level and the previous week's pivot. Bulls need to defend this area to maintain their recent gains.
If price slides below 3300, we could see a decline back toward that recent swing low area. This would signal that the bulls have lost control of the near-term momentum.
✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.