At Extreme Investor Network, we dive deep into the latest trends and analysis in the stock market to keep you informed and ahead of the curve. In this week’s report, we take a closer look at the bearish tone on the weekly chart and potential price support areas to watch for gold.
The weekly chart is currently showing a series of lower weekly highs and lower weekly lows, indicating a clear downtrend. However, a potential shift in momentum could occur if this week’s high manages to surpass last week’s high of 2,364 before the week’s end.
When it comes to price support areas, the key near-term support lies at 2,315. A breakdown below this level could lead gold towards potential support around a top trend channel line at approximately 2,299, followed by the 50% retracement zone at 2,289. If these levels are breached, further downside targets include the 2,239 and 2,205-price zones.
On the flip side, signs of strength for gold would be seen with a rally above the most recent swing high of 2,364. A daily close above this level would confirm strength, with even more bullish momentum on a rally and close above the 2,384 daily high from May 23.
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