GOLD at Critical Levels: Breakout or Rejection Looms?
The XAU/USD chart indicates consolidation near a supply zone. This indecision reflects a potential breakout or breakdown setup:
Upside Potential: A clean break above the consolidation zone could signal a bullish continuation, targeting the next resistance levels.
Downside Risk: A failure to sustain higher prices may trigger a sell-off back toward the demand zones.
A rejection at this resistance zone could result in a sell-off towards lower support levels around 2,619.65, 2,616.00, and potentially lower. Watch for bearish price action signals at the resistance zone to confirm this move.
Upside Potential: A clean break above the consolidation zone could signal a bullish continuation, targeting the next resistance levels.
Downside Risk: A failure to sustain higher prices may trigger a sell-off back toward the demand zones.
A rejection at this resistance zone could result in a sell-off towards lower support levels around 2,619.65, 2,616.00, and potentially lower. Watch for bearish price action signals at the resistance zone to confirm this move.
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