GOLD /Bearish Momentum Strengthens

Technical Analysis

The price has declined and stabilized within a bearish zone after breaking a strong support level at 2,758.

Today, it's possible to see a retest around 2749, followed by a potential bearish trend toward 2712.

Bearish Scenario: The price appears set to retest 2749 before resuming a bearish trend toward 2721 and 2,712.

Bullish Scenario: Alternatively, a 4-hour candle close above 2,758 would signal a potential bullish move, with targets at 2,775 and 2,788.

Key Levels:
Pivot Point: 2745
Resistance Levels: 2758, 2764, 2775
Support Levels: 2731, 2712, 2695

Trend Outlook:
Above 2758: Uptrend
Under 2758: Downtrend

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