Gold Market Analysis: Key Levels to Watch
Gold is currently in a highly overbought state. Since April 10th, its price has surged past a strong resistance level, climbing up to 3245.
The price could now make a minor correction before continuing its rise, or a deeper pullback before resuming its upward trend. Let’s examine two possible scenarios:
Bullish Scenario:
If gold rises above 3245, it could aim for higher targets at 3284 and 3300.
Bearish Scenario:
If gold drops below 3206, a bearish trend may unfold, with potential declines to 3167 and 3128. Both levels should be closely monitored, as a rebound from these areas could lead to a stronger upward wave. In particular, 3167 seems to be a solid support level with a higher chance of reversing the downward trend.
You may find more details in the chart!
Thank you and Good Luck!
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