Gold Technical Analysis: Resistance Reached Amid High Volatility and Geopolitical Tensions
Gold has reached the resistance level mentioned in the previous analysis, which is $2,466, marking an increase of approximately $26.
Current Outlook: The price is expected to retest the levels around $2,450 or $2,440 before potentially pushing higher again. There is also the possibility of an immediate upward movement towards $2,475 and $2,493 due to high market volatility and geopolitical tensions in the Middle East.
Bullish Scenario: To maintain the bullish trend, the price must break through $2,466, potentially rising to $2,475 and $2,485, aiming for a new all-time high.
Bearish Scenario: If the price stabilizes below $2,466, a correction is likely, targeting $2,450 and $2,440. A bearish confirmation would occur if the price stabilizes below $2,420.
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