Gold Price Analysis: Bearish Pressure Persists

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The price of gold is currently experiencing a bearish trend as it retests a critical support zone. This zone is reinforced by Fibonacci levels, adding to its significance. The ongoing retest of this support zone, coupled with the break of a triangle pattern from the bottom, suggests that the bearish momentum is gaining strength.

Key Levels:

Support: 2645-2653 (strong support zone with Fibonacci confluence)
Support: 2661-2669 (secondary support zone)
Target: 2581 (potential downside target following triangle pattern break)
Analysis:

The strong support zones, confirmed by Fibonacci levels, suggest that a significant price floor is in place. However, the break of the triangle pattern from the bottom indicates a bearish bias in the short term. The ongoing retest of the support zone further supports this view.

While the price may temporarily rebound from the current support levels, the overall bearish trend remains intact. A break below the 2581 level would confirm the bearish momentum and could lead to further downside. Conversely, a break above the support zones would invalidate the bearish scenario and could signal a potential reversal.

Traders should be cautious and monitor the price action closely. The current bearish environment suggests that selling opportunities may arise as the price declines towards the target level. However, it is important to exercise risk management and use appropriate stop-loss orders to protect profits.