Beerarish Shooting Star on Horizon
Assuming that the day ends with a shooting star pattern, a drop below the low point of today $ 2,882 a bearish signal that can lead to lower prices. But the one -day potential shooting stature pattern is only part of the analysis. The other part looks at the potential meaning of the high price of the day. There were two indicators that point to the price zone of $ 2,947 as potential resistance.
Although there was no exact hit, it was close enough considering the bearish reaction. Both a long-term and short-term measurement pointed to the target. One is the 161.8% Fibonacci extension of the most recent Bearish correction that started from the peak at $ 2,790. The other is an extensive ABCD pattern that starts from the lows of October 2023. Furthermore, notes that the momentum oscillator of the Relative Strength Index (RSI) has reached Overbought and it has been agreed from the high reading that was seen in September 2024.
Kanaal’s top remains an upward target
Although there may be a withdrawal after today’s high, gold retains the potential to stay higher. Take the rising parallel trend channel with the lower rising trend line that hits the Swing Low February 2024 and the upper line that hits the Swing High October 2024.
The top of the channel has not yet been hit. Along the way there are a few other goals. The first is at $ 2,961 and the second at $ 2,982. Otherwise, a drop under the low weakness of today shows, followed by potential support at the low point of Monday of $ 2,853. However, a decrease in the low of Monday places gold under a trendline, which will signal lower prices.
Look for a look in all the economic events of today Economic calendar.