Leon_Waverly
@t_Leon_Waverly
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Leon_Waverly
Hey guys, Yesterday, gold had a wild ride, surging past $2400 and even touching $2425 before settling back down around $2405. This spike came after some major news hit, causing the USD to take a nosedive as it got sold off hard, giving gold the perfect setup for a strong rally. Looking at the 4-hour technical chart, gold is stabilizing within a parallel channel and is adjusting after hitting the upper limit of its recent surge. The rally isn't over yet. Keep an eye out for buying opportunities when the price retests the support zone or the lower boundary of the channel.
Leon_Waverly
Gold Price Analysis Key Observations: Cup and Handle Pattern: The chart displays a cup and handle pattern, a bullish formation suggesting potential upward movement. A breakout above the 2,427.425 USD resistance level confirms the pattern. Current Price: Gold is trading at 2,409.195 USD, slightly below the resistance level. Support Zone: Significant support is observed around 2,359.209 USD. This level can act as a strong base if the price retraces. Potential Scenarios: Bullish Scenario: If gold breaks and sustains above 2,427.425 USD, it could rise towards 2,500 USD or higher. Bearish Scenario: Conclusion: Traders should watch the 2,427.425 USD resistance and 2,359.209 USD support levels closely to determine the next significant move for gold.Trade activeComment:
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