Welcome to Extreme Investor Network, where we provide you with cutting-edge insights into the stock market and trading world. Today, we’re diving into the current trends in the market and key support levels to watch out for.
Weekly Trend Intact Above 2,228 Support:
As we analyze the charts, we can see that the weekly trend remains intact as long as prices stay above the 2,228 support level. Last week’s low of 2,228 is crucial, as it has shown strong support in the past. The 8-Day MA has also acted as a reliable support level, confirming the strength of the trend. Keep a close eye on these levels as they could indicate a potential pivot towards lower price levels.
20-Day MA at 2,230 Key Support:
Another significant support level to watch is the 20-Day MA, currently at 2,230. This line helps gauge the quality of the near-term trend, providing insights into potential market momentum. As long as prices remain above the 20-Day MA, we can expect to see a continuation of the recent bullish posture in the market.
Further Weakness Sets Up Bearish Weekly:
Currently, the weekly chart is showing signs of weakness that could lead to a potential pullback in prices. A bearish candle in the weekly chart hints at a possible downward trend before prices start to climb again. Monitoring where gold closes within the week’s trading range will offer valuable clues on the market’s direction heading into the next week.
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Keep an eye on these key support levels and market indicators to make informed trading decisions. Visit Extreme Investor Network for more exclusive insights and expert analysis on the stock market and trading world.
