Gold Update: Gold Reaches a Crucial Zone

Gold has reached a significant price zone, capturing the attention of both traders and investors. Retail traders are leaning toward short positions, yet the price continues to spike higher, hitting new highs almost weekly. After several weeks of fluctuations, gold now sits at a critical inflection point. Below are the key resistance and support levels to watch:

Resistance Levels:

R1: 2718
R2: 2730
R3: 2760
R4: 2781
Support Levels:

COG : 2651

S1: 2698-2685
S2: 2665
S3: 2635
S4: 2618

What’s Next for Gold?
While gold is currently in a bullish trend, the 2700-2730 range presents a strong psychological resistance. I anticipate some downside correction before the bullish momentum resumes, with a potential pullback toward the 2635-2618 zone.

Conclusion
Gold is at a crucial juncture, and these resistance and support levels will likely dictate the near-term price action. A correction from the 2700-2730 range could set the stage for higher prices, assuming support holds.

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