Gold Technical : Bearish Pressure with Potential Correction
Gold Technical Analysis
Bullish Correction:
The price is likely to attempt a move toward 2644 as part of a bullish correction.
Bearish Scenario:
After reaching 2644, or from the current station, the price is expected to drop again towards 2625 and 2612.
Stability below 2612, confirmed by a 4-hour candle close, could trigger further declines to 2606 and 2585.
General Trend:
The overall direction remains bearish, driven by heightened pressure from increasing inflation concerns in the USA.
For a bullish trend to emerge, the price needs to stabilize above 2644, confirmed by a 4-hour candle close, with potential upside targets at 2661.
Key Levels:
Pivot Point: 2634
Support Levels: 2625, 2612, 2585
Resistance Levels: 2644, 2661, 2673
Bullish Correction:
The price is likely to attempt a move toward 2644 as part of a bullish correction.
Bearish Scenario:
After reaching 2644, or from the current station, the price is expected to drop again towards 2625 and 2612.
Stability below 2612, confirmed by a 4-hour candle close, could trigger further declines to 2606 and 2585.
General Trend:
The overall direction remains bearish, driven by heightened pressure from increasing inflation concerns in the USA.
For a bullish trend to emerge, the price needs to stabilize above 2644, confirmed by a 4-hour candle close, with potential upside targets at 2661.
Key Levels:
Pivot Point: 2634
Support Levels: 2625, 2612, 2585
Resistance Levels: 2644, 2661, 2673
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