Gold prices are starting a new round of gains from support near $2020. Buyers broke the $2,120 resistance and started a strong rebound. Buyers pushed the price above $2,180 and $2,200. Finally, the price approached the $2,225 level before the sellers emerged, with a high formed at $2,222 and a minor downward correction that broke the $2,200 level.
The first major support level is seen at $2,160. On the same chart, there is also a key contracting triangle forming with support at $2,160. If the market continues to weaken, gold prices may move towards the $2,142 level or the 50% Fibonacci retracement level of the move from the $2,222 low to the $2,222 high.
On the other hand, on the bright side, gold prices face resistance near $2,190 if conditions continue higher. Major resistance is currently forming near $2,200. If it breaks above $2,220, the price could accelerate its rise.
Comentário:
active trade
Comentário:
active trade
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