GOLD Bearish Momentum with Key Levels to Watch

Technical Analysis: Gold

The price is poised to reach 2320 today and, if it breaks this level, it will likely continue its bearish trend towards 2311 and 2302.

• Current Outlook:
  The price is expected to consolidate between 2320 and 2337 until a breakout occurs. The initial movement is anticipated to target the 2320 level.
  
  
• Bullish Scenario:
  To initiate an uptrend, the price must break above 2342, potentially moving towards 2357. Stability above 2320 would also support a bullish push, with the price fluctuating between 2320 and 2337.
  
  
• Bearish Scenario:
  The current downtrend from 2335 and 2337 is expected to target 2320. A 4-hour or 1-hour candle closing below 2320 would confirm a bearish trend, with the price anticipated to trade in the bearish zone between 2302 and 2320.
  
  
• Key Levels:
  - Pivot Line: 2328
  - Resistance Levels: 2337, 2342, 2357
  - Support Levels: 2320, 2311, 2302
  
  
• Today's Expected Range:
  The price is anticipated to move between the support at 2311 and the resistance at 2342.
  
  previous idea:
  
  

Kommentera:

the price dropped and reached 2320 and already closed 4h candle under it, so it means will continue in the bearish direction toward 2311 and 2302