Gold’s technical outlook has turned less constructive after prices breached a key trendline that has guided the market higher since late 2022. This breakdown has reinforced downward pressure, leading the metal to fall towards multi-month lows near $1,940, an important support level to monitor in the near term.
Looking ahead, traders should keep a close eye on gold's reaction around $1,940. If XAU/USD manages to establish a base around those levels and begins to rebound, initial resistance extends from $1,970 to $1,980, followed by $2,000. On further strength, the focus shifts to $2,050.
On the other hand, if sellers take out the $1,940 support, the underlying bias could turn quite bearish. This scenario could trigger a pullback towards $1,905, the 38.2% Fibonacci of the November 2022/May 2023 retracement. After that, the next area of interest sits at $1,880.
GOLD
BUY 1934 - 1937 💯💯
✅ TP1: 1941
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1930
Looking ahead, traders should keep a close eye on gold's reaction around $1,940. If XAU/USD manages to establish a base around those levels and begins to rebound, initial resistance extends from $1,970 to $1,980, followed by $2,000. On further strength, the focus shifts to $2,050.
On the other hand, if sellers take out the $1,940 support, the underlying bias could turn quite bearish. This scenario could trigger a pullback towards $1,905, the 38.2% Fibonacci of the November 2022/May 2023 retracement. After that, the next area of interest sits at $1,880.
GOLD
BUY 1934 - 1937 💯💯 ✅ TP1: 1941
✅ TP2: 1945
✅ TP3: 1950
🛑 SL: 1930
