At the moment, Gold (XAUUSD) is facing a steep bearish move after breaking some key levels. As the price gets closer to the critical support region 3,210 and 3,205 there is opportunity for further move down or a reversal. If the market does not manage to hold above these levels, we may see a move towards 3,200 or even lower.
Still, if the price manages to remain above key support levels, the market may experience a pullback followed by an upsurge or in the least a minor drop. Analyzing the price action is essential before any sustained confirmations of trend reversals
Important Levels:
Support: 3,210, 3,205
Resistance: Look any retracements to prior highs.
Next Target: If support is compromised, possible targets are 3,200 or further down.
Remain alert with updates on the situation, while exercising caution or modifying entry strategies to mitigate getting trapped in a perceived false move. Apply risk management in these volatile conditions as always.
Still, if the price manages to remain above key support levels, the market may experience a pullback followed by an upsurge or in the least a minor drop. Analyzing the price action is essential before any sustained confirmations of trend reversals
Important Levels:
Support: 3,210, 3,205
Resistance: Look any retracements to prior highs.
Next Target: If support is compromised, possible targets are 3,200 or further down.
Remain alert with updates on the situation, while exercising caution or modifying entry strategies to mitigate getting trapped in a perceived false move. Apply risk management in these volatile conditions as always.
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