As we enter the 3rd quarter of the year, gold (XAUUSD) continues to display a strong bullish trend, which suggests a potential rally towards the $2,600 mark. Here's a breakdown of the key price zones to watch:
Yearly High: $2,531
Gold has recently touched a new yearly high at $2,531. This level will act as the first key resistance to break for further upward momentum.
Resistance Zones:
$2,465: This level is crucial as it represents the next resistance zone. A break above could indicate a strong push towards new highs.
$2,435: Another important resistance level to monitor. This zone has shown historical significance and could act as a barrier before prices move higher.
Support Levels:
$2,380: In case of a pullback, this level will be the first support to watch.
$2,330: Further down, this zone could provide additional support if the market experiences more significant corrections.
$2,290: The last strong support before a potential reversal, marking a crucial zone for buyers to step in.
Summary:
Gold remains in a bullish trajectory, and the current market sentiment suggests a possible continuation towards $2,600. Traders should keep an eye on the resistance and support zones mentioned to make informed trading decisions.
Disclaimer
The analysis provided above is for informational purposes only and should not be construed as financial or investment advice.
