Price that reaches too much
Certainly, the price of gold seems to be extended, and some corrections are planned. Both the pullback and the completion of the ABCD pattern target today point to the conclusion. Furthermore, as in the late September 2024, the relative strength index (RSI) sports device has reached over 76.50 over -acquired, as in the 77.24 excess reading in minor provisional swing high.
The resistance was seen following the height of the day
As a whole, gold showed strength while moving forward on Wednesday as described above. Nevertheless, the price can only go forward before the retreat price. I don't know yet how much it may occur. And there are almost no signs of it. The $ 2,582 rising from Swing Low (C) completed a $ 300 or 11.6 % rally at $ 2,882 today.
The performance of that level exceeded the previous six rallys and peaked at 8.6 %. However, it is interesting to note that the same strong rally was seen from 10.6 % to 17.8 %, following the minimum value in October 2023, following the lowest value in October 2023. At present, 11.6 % of the long -term blort lends are gaining stronger momentum when the next leg starts?
Key support starts with $ 2,840
If you fall below the lowest value of $ 2,840 today, you may cause further weakness. The recent new trendy breakout level of $ 2,790 provides a more important potential support area. Also, the low price of $ 2,772 this week is a potential support level, assuming that it is not broken before the end of this week.
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