Upon examining the gold price action on the 1-hour chart, it's evident that the market recently achieved a fresh high, reaching up to $3245. This upward move indicated strong bullish momentum at that point. However, shortly after hitting this level, the price experienced a noticeable correction. This retracement not only pulled the price lower but also suggested a potential shift in the market structure, indicating that bullish strength may be weakening.
Currently, all eyes are on the $3214 level, as it appears to be a key support-turned-resistance zone. If the price remains suppressed below this threshold and fails to regain momentum above it, it could confirm a bearish continuation pattern. Should this scenario play out, we can anticipate further downside movement in the short term.
The next possible support levels, or downside targets, to watch for in sequence are $3190, $3178, $3156, and eventually $3140. These levels may act as areas of interest for traders looking for potential bounces or further breakdowns, depending on overall market sentiment and price behaviour near each zone.
Currently, all eyes are on the $3214 level, as it appears to be a key support-turned-resistance zone. If the price remains suppressed below this threshold and fails to regain momentum above it, it could confirm a bearish continuation pattern. Should this scenario play out, we can anticipate further downside movement in the short term.
The next possible support levels, or downside targets, to watch for in sequence are $3190, $3178, $3156, and eventually $3140. These levels may act as areas of interest for traders looking for potential bounces or further breakdowns, depending on overall market sentiment and price behaviour near each zone.
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Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
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t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
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.
Join telegram channel free ..
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
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.