Gold has recently broken above a key resistance level on the 4-hour chart, indicating a potential increase towards bullish market sentiment. The price has also created a new recent high, which is a positive sign for the continuation of the uptrend.
Currently, the market is testing a daily resistance level at the previous high, which is a critical level to watch. If the market manages to break above this level, it could signal a potential move towards a new all-time high. However, it is important to note that there may be some selling pressure at this level as traders take profits and limit their exposure to the market.
According to Plancton's strategy, if the market breaks above this daily resistance level, we can look for further bullish momentum in the near term. The next key resistance levels to watch are the psychological round numbers at $2080 and $2100, respectively.
Overall, the technical picture for Gold on the 4-hour chart looks bullish, and a break above the daily resistance level could lead to further gains in the near term. However, traders should always use proper risk management techniques and closely monitor the market for any signs of a reversal.
Currently, the market is testing a daily resistance level at the previous high, which is a critical level to watch. If the market manages to break above this level, it could signal a potential move towards a new all-time high. However, it is important to note that there may be some selling pressure at this level as traders take profits and limit their exposure to the market.
According to Plancton's strategy, if the market breaks above this daily resistance level, we can look for further bullish momentum in the near term. The next key resistance levels to watch are the psychological round numbers at $2080 and $2100, respectively.
Overall, the technical picture for Gold on the 4-hour chart looks bullish, and a break above the daily resistance level could lead to further gains in the near term. However, traders should always use proper risk management techniques and closely monitor the market for any signs of a reversal.
