Technical Outlook: Gold price dips towards the $2,625-2,624 pivotal support could be seen as buying opportunity
Technical Outlook: Gold price dips towards the $2,625-2,624 pivotal support could be seen as buying opportunity
From a technical perspective, the overnight strong move-up reinforced a short-term ascending channel resistance breakpoint, turning support near the $2,625-2,624 region. The said area should now act as a key pivotal point, which if broken decisively might prompt some technical selling. The subsequent downfall could drag the Gold price below the $2,600 mark, towards the next relevant support near the $2,560 zone en route to the $2,535-2,530 region.
On the flip side, the $2,672-$2,673 area might continue to offer immediate resistance ahead of the $2,685-2,686 zone, or the all-time peak touched last week. This is closely followed by the $2,700 mark, which if conquered will be seen as a fresh trigger for bullish traders and set the stage for an extension of a well-established multi-month-old uptrend.
REGISTRATION LINK 💥👇🏻
https://one.exnesstrack.net/boarding/sign-up/a/qhhnixni2g/?campaign=25700
