Gold: Key Levels to Watch for Next Big Move !
Gold (XAU/USD) has been oscillating between key levels, currently eyeing a potential breakout. Price is consolidating near the $2,738.82 level, with strong resistance just ahead at $2,740.89 and $2,744.31. Bulls need to clear these levels decisively to maintain the upward momentum.
If gold breaks through $2,744.31, we could see a sharp rally towards higher resistance zones. However, a failure to break higher could lead to a retracement, with the $2,728.41 and $2,727.25 support levels as key targets for a downward move.
In the event of a bearish scenario, a break below $2,727.25 could trigger a larger sell-off, potentially driving the price towards $2,715.59 or lower. Traders should monitor price action at these crucial levels for clear signals of the next directional move.
If gold breaks through $2,744.31, we could see a sharp rally towards higher resistance zones. However, a failure to break higher could lead to a retracement, with the $2,728.41 and $2,727.25 support levels as key targets for a downward move.
In the event of a bearish scenario, a break below $2,727.25 could trigger a larger sell-off, potentially driving the price towards $2,715.59 or lower. Traders should monitor price action at these crucial levels for clear signals of the next directional move.
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