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Gold 18.11.2024
General Trend: The pair is moving in a bearish trend after breaking key support levels, which reinforces selling pressure. However, the price is currently attempting to recover from the current support levels.
Expected Scenario: If the price continues its corrective upward movement, it is likely to face strong resistance between 2613.05 and 2619.65. On the other hand, if the upward momentum fails and the bearish trend resumes, the price may retest the key support levels at 2557.61, with a possible extension toward 2537.38.
Alternative Scenario: If the price manages to break through the resistance levels between 2613.05 and 2619.65, this could signal a shift in the trend toward an upward movement, aiming for higher levels.
Key Levels:
Resistance: 2613.05 - 2619.65
Support: 2557.61 - 2537.38
Disclosure of risk: Point Trader Group will not accept liability for any loss or damage as a result of reliance on the provided information.
