Pennant breakout in danger
The bull level has not yet failed, it is just a slow start and that is a concern. Nevertheless, what happens next will be important. A decisive rally above today’s high can lead to a test of the next target area around $ 2,961. Further on, a target is derived from a long -term price pattern that started in 2022 and points to $ 2,982. Subsequently, a price zone of $ 3,012 to $ 3,043 marks the confluence of four goals. Because they are relatively close together, it can be the most useful, given it as a series of potential resistance.
Top channel line offers a guide
Another guide is supplied by a trend line at the top of a bullish trend channel. The potential resistance zone from $ 3,012 is located in the price area around the top trendline. Also note that when considering that line together with the upward trend line, an increasing Bearish Wig-Type pattern is indicated in the short term.
Gold could rise to a resistance test near the upper line and still hit the higher resistance zone before it breaks above the line. In fact, the $ 3,012 price line is crossing the trendline today. An interesting coincidence or does the market tell us to view that line? Let’s look.
Beerarish is in the short term under $ 2,919
Given the support of today’s low point $ 2,919, a decisive decrease opens by that layer the possibility of supporting gold tests around the lower end of the Pennant consolidation pattern. The low point of Tuesday from $ 2,892 offers a proxy for De Lijn from today. However, the low point of last Friday at $ 2,877 is a small interim swing low and therefore has a greater meaning because it is part of the bullish price structure.
Look for a look in all the economic events of today Economic calendar.