GOLD Possible Bullish Reversal at Key Support

Technical Analysis of Gold Price
Disclaimer: I am not a financial expert; this analysis is for educational purposes only.

In this image, we can see that the price of gold has consistently respected a significant support level around 2604. Despite the broader bearish trend in the higher time frame, the fact that the price has not closed below this level suggests potential strength in this area, indicating that buyers are actively defending the support.

This behavior could allow for a short-term bullish continuation driven by the current momentum. However, it is crucial to watch for signs of weakness in this upward movement. Any reversal patterns or rejection candles at higher resistance levels could signal a return of selling pressure, increasing the likelihood of the price resuming its downtrend.

Summary:

Key support at 2604 that has been respected so far.
Current bullish momentum may suggest a temporary rebound.
Caution is advised at resistance levels, as signs of weakness may indicate a bearish continuation.
This analysis suggests that as long as the support at 2604 holds, an upward movement is possible. However, given the broader bearish context, it is wise to exercise caution and monitor for any signs of reversal.