GOLD - Potential Consolidation Between 2420 and 2397
Gold Price Analysis: Potential Consolidation Between $2,420 and $2,397
Last week, gold prices dropped approximately $90 from their all-time high of $2,484.
Current Outlook:
Today, gold is expected to trade between 2420 and 2397, indicating a consolidation phase until a breakout occurs.
Bullish Scenario:
If gold attempts to reach 2416 or 2420 and breaks above 2420, it could trend upwards towards 2428 and 2440.
Bearish Scenario:
Trading below 2420 suggests a potential drop to 2397. A break below 2397 could lead to further declines to 2378 and 2356.
Key Levels:
- Pivot Line: 2,408
- Resistance Levels: 2416, 2420, 2428
- Support Levels: 2397, 2378, 2356
Today's Expected Range:
Gold is anticipated to fluctuate between support at 2378 and resistance at 2420, with a bearish bias.
Last week, gold prices dropped approximately $90 from their all-time high of $2,484.
Current Outlook:
Today, gold is expected to trade between 2420 and 2397, indicating a consolidation phase until a breakout occurs.
Bullish Scenario:
If gold attempts to reach 2416 or 2420 and breaks above 2420, it could trend upwards towards 2428 and 2440.
Bearish Scenario:
Trading below 2420 suggests a potential drop to 2397. A break below 2397 could lead to further declines to 2378 and 2356.
Key Levels:
- Pivot Line: 2,408
- Resistance Levels: 2416, 2420, 2428
- Support Levels: 2397, 2378, 2356
Today's Expected Range:
Gold is anticipated to fluctuate between support at 2378 and resistance at 2420, with a bearish bias.
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