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Is a Drop Below 2,326 Short-term Bearish?
Today’s low of 2,326 could signal a bearish trend if broken, potentially leading to a test of the recent swing low at 2,291. If the 2,291-support zone fails to hold, the next target zone is between 2,261 to 2,255. Additionally, the 50-Day MA at 2,206 could be a key level to watch for further downside movement.
Upside Potential Continues
On the upside, a breakout above this week’s high of 2,389 could signal a rally towards the most recent record high of 2,431. Gold also shows upside potential with targets at 2,462 and a price zone from 2,480 to 2,488. Keep an eye on the two-week low of 2,324 for important support levels.
Watch for Resistance Tests
While there may be continued tests of resistance in the coming week, be cautious of a possible deeper retracement. Recent panic selling days on April 12 and 22 indicate a potential for further declines. Pay attention to Friday’s high as a swing high could lead to a decline towards the lower target zone of 2,212 to 2,207.
For a comprehensive look at today’s economic events, be sure to visit our economic calendar for valuable insights.
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