The recent price action of Gold has been marked by a bearish move, with the price breaking below a support zone and the Ichimoku cloud. The RSI is also pointing towards a bearish trend, indicating a potential for further downside in the short term. However, it is worth noting that the metal had recently gone through a major bullish wave, which suggests that the potential for a new bullish trend is still high. If the price manages to break above the current resistance levels and regain its momentum, it could potentially start a new bullish move. Overall, investors and traders should keep a close eye on the price action and monitor any potential signs of a shift in trend direction.
• There is a resistance level at 2005.000 followed by resistance at 2011.700 and 2015.500.
• There is a support level 1977.000. Below, there is 1970.000 and 1967.300.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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