Market Outlook:
The price of gold is currently trading within an ascending wedge pattern, approaching a key Sell Zone near $3,100. This region aligns with the upper trendline resistance, indicating a potential reversal zone.
Key Levels to Watch:
Resistance (Sell Zone): $3,100
Support Levels:
First Support: $2,988
Second Support: $2,912
Major Support Zone: $2,838 – $2,833
Potential Scenarios:
1. Bearish Rejection: If the price faces rejection at the Sell Zone, a downward move towards the $2,988 – $2,838 range is likely. A break below $2,988 could accelerate selling pressure.
2. Bullish Breakout: If the price breaks above the Sell Zone with strong momentum, further upside potential remains.
Trading Bias:
Bearish below $3,100, targeting $2,988 and $2,838.
Bullish above $3,100, confirming a breakout.