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In the latest market update, we’re seeing indications of a bearish reversal day for gold. Rather than closing at a new record high, gold has fallen to a four-day low and is likely to test support around the breakout level of 2,532. The 20-Day MA and internal uptrend line are also in play, providing additional support levels to watch.
On the flip side, we’ve also observed new highs reaching two key targets within a range. Resistance was met within a potential zone from 2,595 to 2,605, with targets from a rising ABCD pattern and a recent symmetrical triangle pattern. The bearish reaction to hitting this resistance zone suggests that gold may retrace or consolidate before continuing its upward trend.
Despite the potential for a pullback, the bull trend remains strong as long as gold stays above 2,600. A decisive move above this level could signal a bull breakout, with the next resistance zone identified from 2,650 to 2,661. This zone is backed by Fibonacci analysis and measured moves, pointing to further upside potential for gold.
Stay tuned to Extreme Investor Network for daily market updates and analysis. For a more comprehensive look at today’s economic events, be sure to check out our economic calendar. Happy investing!