Gold is attempting to recover after bouncing from the $2,891-$2,895 support area (green arrow). The recent breakdown led to a retest of the major demand zone, which has historically provided strong buying interest.
🔹 Support & Resistance Levels:
Support: $2,891-$2,895 (blue line & previous demand).
Resistance: $2,939-$2,945 (red arrow) – a key supply zone that must be cleared for further upside.
🔹 Bullish Case:
If price breaks above $2,939-$2,945, we could see a push toward $2,956+ (previous highs).
The bounce from the lower Bollinger Band and VWAP support signals potential upside momentum.
🔹 Bearish Case:
If price fails to break above $2,939, another drop to $2,891 or lower is possible.
A rejection from resistance could confirm a lower high, signaling continued weakness.
⚠️ Key Level to Watch: $2,939-$2,945 – Breakout or Rejection?
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