Gold Price Analysis: Short-Term Pullback Before Resuming Uptrend

hello guys.
let's analyze gold

Resistance and Pullback:
The price recently tested a resistance zone around $2,900, which could indicate exhaustion in the current uptrend. The immediate pullback from this level suggests that buyers are taking profits, and the market may temporarily retreat.

Support Zone:
The blue support zone (ranging from $2,820 to $2,840) is crucial. This area aligns with the rising trendline, and it is expected to provide support. If the price reaches this region, it could trigger another round of buying, pushing gold higher once again.

Next Move:
If gold prices successfully hold above the support zone, we might see a continuation of the uptrend toward the upper boundary of the channel, potentially targeting $2,950 to $3,000 in the coming weeks.

However, if the support fails, a deeper pullback could test the next key levels below $2,800 before the market can resume its upward trajectory.

Conclusion:
The pullback from the $2,900 resistance zone suggests a likely short-term correction. Gold prices are expected to test the blue support zone around $2,820 before potentially resuming the bullish trend toward higher levels.

交易進行

the breakout happened

註釋