Current Market Situation:
Gold opened with a significant gap up on Monday but failed to claim above the 3450 level. Since then, the price has been in pullback mode and is now sitting at a critical major support zone.
Key Support Zone:
Upper Level of support zone: 3,385
Lower Levelof support zone: 3,360
This support zone represents a crucial decision point for gold next directional move.
Today's Catalyst:
The FOMC minutes release today will likely be the key driver that determines gold's next move. This fundamental event could provide the momentum needed to break the current consolidation.
Two Potential Scenarios:
Bullish Scenario:
If gold successfully holds above the support zone (particularly above 3,360:lower level of this zone) and manages to reclaim Monday's high around 3,450, we could see a strong buying rally develop that can push price to 3500 or higher levels. This would indicate that the pullback was merely a healthy correction before the next leg higher.
Bearish Scenario:
If gold breaks below the lower support level of 3,360, it would signal further weakness and we could see the price targeting lower levels. This break would invalidate the current support structure and open the door for extended selling.
Gold opened with a significant gap up on Monday but failed to claim above the 3450 level. Since then, the price has been in pullback mode and is now sitting at a critical major support zone.
Key Support Zone:
Upper Level of support zone: 3,385
Lower Levelof support zone: 3,360
This support zone represents a crucial decision point for gold next directional move.
Today's Catalyst:
The FOMC minutes release today will likely be the key driver that determines gold's next move. This fundamental event could provide the momentum needed to break the current consolidation.
Two Potential Scenarios:
Bullish Scenario:
If gold successfully holds above the support zone (particularly above 3,360:lower level of this zone) and manages to reclaim Monday's high around 3,450, we could see a strong buying rally develop that can push price to 3500 or higher levels. This would indicate that the pullback was merely a healthy correction before the next leg higher.
Bearish Scenario:
If gold breaks below the lower support level of 3,360, it would signal further weakness and we could see the price targeting lower levels. This break would invalidate the current support structure and open the door for extended selling.
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✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.