We anticipate a pullback from the established support level on the #XAUUSD, which is currently positioned between the price points of 2908 and 2912. This area serves as a crucial retest zone, where the price action may exhibit a significant reaction.
Should we observe a rejection at this specific range, it could indicate a bearish sentiment taking hold in the market. In such a scenario, we would expect the price of #GOLD to decline towards the next support level at 2875. Following this potential drop, if selling pressure continues to mount, it is plausible that the price could further descend to the next key support level at 2835.
This analysis highlights the importance of monitoring these critical price levels, as they could serve as indicators for future movements in the gold market. Use the Gold ON Steroids Software to confirm the entry point, stop loss and 3 targets.
Regards
Chris
Head Coach & Trader
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