Gold Price Tug-of-War: Opportunity for Gains or Risk of Correcti
Gold prices rose on Friday (October 25), rebounding after profit-taking, as tensions in the Middle East and concerns over the U.S. presidential election provided support.
Today, gold continues to fluctuate within a tight accumulation range between 2,712 and 2,759, highlighting the struggle between buyers and sellers at these key levels.
Each time the price touches the support level of 2,712, buying pressure pushes it up, but as it approaches the resistance level of 2,759, strong selling pressure causes a pullback.
The EMA 34 at 2,724 and EMA 89 at 2,692 are still acting as support, indicating that the long-term upward trend remains intact.
If the price breaks above the resistance of 2,759, there may be an opportunity for further gains toward higher levels. Conversely, if it falls below 2,724, a correction down to EMA 89 at 2,692 could occur.
Today, gold continues to fluctuate within a tight accumulation range between 2,712 and 2,759, highlighting the struggle between buyers and sellers at these key levels.
Each time the price touches the support level of 2,712, buying pressure pushes it up, but as it approaches the resistance level of 2,759, strong selling pressure causes a pullback.
The EMA 34 at 2,724 and EMA 89 at 2,692 are still acting as support, indicating that the long-term upward trend remains intact.
If the price breaks above the resistance of 2,759, there may be an opportunity for further gains toward higher levels. Conversely, if it falls below 2,724, a correction down to EMA 89 at 2,692 could occur.
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