Gold Eyes 2519 Resistance with Potential $14 Upside
Ahead of significant risk events for XAU/USD, including the upcoming ADP Employment Change data, gold prices have moved higher in overnight trading. This rise reflects the market's cautious positioning before the release of key U.S. economic indicators.
Gold prices have successfully breached the double bottom pattern's neckline at $2496, a critical technical level. Currently, prices are testing the $2506 resistance level, which coincides with the highs from September 2-3. A break above $2506 could open the door to the next key resistance at $2519, marking the projected completion of the double bottom pattern—a classic bullish reversal signal.
However, if the price fails to break through $2506 and gets rejected, traders should watch for a potential retest of the $2496 support level. This level, previously a resistance, has now flipped to support, creating a pivotal zone for short-term price action. The trend will remain upwards above $2490.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Gold prices have successfully breached the double bottom pattern's neckline at $2496, a critical technical level. Currently, prices are testing the $2506 resistance level, which coincides with the highs from September 2-3. A break above $2506 could open the door to the next key resistance at $2519, marking the projected completion of the double bottom pattern—a classic bullish reversal signal.
However, if the price fails to break through $2506 and gets rejected, traders should watch for a potential retest of the $2496 support level. This level, previously a resistance, has now flipped to support, creating a pivotal zone for short-term price action. The trend will remain upwards above $2490.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.