Gold Price Update │ Key Support Levels and Buy Targets Explained
Discover this week’s gold price analysis with key support levels and buy targets. If support at 2735 - 2729 breaks, find potential long entries from 2702 - 2699 with targets at 2744 and 2790. Follow The Investing Forex for daily market insights.
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1. XAUUSD Price Action │Key Trading zones And Targets
Last week, gold underwent a correction to its support zone between 2735 - 2729 as part of a short-term uptrend. Buyers managed to hold this support, leading to a price increase that reached the initial buy target of 2759 by Friday. However, the second buy target was not achieved, and the price is now testing the same support level once more.
Market Outlook
If the 2735 - 2729 support range fails to hold, we could see a further correction down to the 2707 - 2699 support area, which acts as the trend's boundary. This level could offer a favorable entry for long positions.
For those looking to capitalize on potential upside movements, the 2702 - 2699 range represents a strong support level from which to consider new long positions. The first target in this scenario is set at 2744, with a more extended target around 2790 if the uptrend resumes.
Technical Summary
- Current Support Level: 2735 - 2729
- Immediate Buy Target: 2759
- Second Support Level if Broken: 2707 - 2699
- Long Positions Consideration: From 2702 - 2699
- First Target for New Longs: 2744
- Extended Target: 2790
By closely monitoring these key levels, traders can better manage their positions and take advantage of gold’s volatility. Stay tuned for daily analysis updates and strategic insights on gold and other forex instruments.
