Gold (XAU/USD) Price Outlook:
🔸 Bearish Scenario:
If the price of gold breaks and closes below the key support level of 3016, it will indicate a strong bearish signal. This breakdown would suggest that selling pressure is increasing, and we could see a continued downward move toward the next support zone. The immediate target in this case would be around 3002, where buyers may attempt to step in. A sustained move below 3002 could open the door for further downside.
Key Levels to Watch:
Support: 3016 (break level)
Target: 3002/2978
Additional downside possible if 3002 fails to hold
🔸 Bullish Scenario:
On the other hand, if gold breaks and closes above the resistance level of 3030, it will signal bullish momentum and a possible continuation of the uptrend. This breakout could trigger buying interest, pushing the price higher toward the next resistance levels at 3052 and 3065. These levels will act as short-term targets for bulls.
Key Levels to Watch:
Resistance: 3030 (break level)
Bullish targets: 3052 and 3065
Further upside possible if momentum continues above 3065
🔸 Bearish Scenario:
If the price of gold breaks and closes below the key support level of 3016, it will indicate a strong bearish signal. This breakdown would suggest that selling pressure is increasing, and we could see a continued downward move toward the next support zone. The immediate target in this case would be around 3002, where buyers may attempt to step in. A sustained move below 3002 could open the door for further downside.
Key Levels to Watch:
Support: 3016 (break level)
Target: 3002/2978
Additional downside possible if 3002 fails to hold
🔸 Bullish Scenario:
On the other hand, if gold breaks and closes above the resistance level of 3030, it will signal bullish momentum and a possible continuation of the uptrend. This breakout could trigger buying interest, pushing the price higher toward the next resistance levels at 3052 and 3065. These levels will act as short-term targets for bulls.
Key Levels to Watch:
Resistance: 3030 (break level)
Bullish targets: 3052 and 3065
Further upside possible if momentum continues above 3065
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our telegram channel for free signals and analysis updates
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.