Gold price continues its long-term upward journey!
Gold Price Analysis
Key Observations:
Cup and Handle Pattern:
The chart displays a cup and handle pattern, a bullish formation suggesting potential upward movement.
A breakout above the 2,427.425 USD resistance level confirms the pattern.
Current Price:
Gold is trading at 2,409.195 USD, slightly below the resistance level.
Support Zone:
Significant support is observed around 2,359.209 USD.
This level can act as a strong base if the price retraces.
Potential Scenarios:
Bullish Scenario:
If gold breaks and sustains above 2,427.425 USD, it could rise towards 2,500 USD or higher.
Bearish Scenario:
Conclusion:
Traders should watch the 2,427.425 USD resistance and 2,359.209 USD support levels closely to determine the next significant move for gold.
source https://www.tradingview.com/chart/XAUUSD/dR33EmSn-Gold-price-continues-its-long-term-upward-journey/
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