Gold Price Analysis: Potential Breakout or Correction?
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1. Daily Chart Overview
The daily chart shows Gold respecting an ascending channel. Price has consistently formed higher highs and higher lows. Several key resistance levels have been tested, indicating that buyers remain in control for now. However, with the price near the upper boundary of the channel, we might see either a breakout or a reversal.
Key Takeaways:
- Support: The $2,480-$2,490 range holds strong support where previous corrections found buyers.
- Resistance: The $2,530-$2,550 area is a significant resistance zone that may lead to a breakout if momentum continues.
If bulls manage to push beyond the $2,530 level, expect a sharp rally towards the $2,600 mark. Otherwise, a rejection could lead to a test of support back in the $2,480 region.
