GOLD: The London Market Continues to be Dominated by Buying!
Hello everyone! Today i want to share some technical analysis with you!
1.
$Gold - main 2512(GCmain)$ After yesterday's sharp decline, gold has once again broken through 3750! As I explained above, once it breaks through 3750, it will head towards a new all-time high of 3791! The London market continues to be dominated by buying!
A financial chart displaying XAUUSD (Gold) price movements over time, with candlestick patterns and red and green lines indicating trends. Horizontal lines mark key price levels at 3713.17 and 3750.00. The chart includes a timestamp from September 2024 and price data on the right side, with values like 37454 and 3791.00. A red trend line traces the price trajectory, and dotted lines highlight resistance and support levels.
2.
Technical Analysis: While gold's long-term bullish bias remains intact, the daily trend is reversing, with Wednesday's close below $3,750. As market participants await new catalysts, gold prices are likely to remain range-bound between $3,700 and $3,750.
If gold falls below $3,700, the next support level will be the 20-day simple moving average (SMA) at $3,613, followed by a challenge at $3,600.
If gold buyers reclaim $3,750, the next area of interest would be the all-time high of $3,791.
Trading remains dominated by buying activity ahead of today's EIA data release.
A candlestick chart displaying gold prices (XAUUSD) with red and green lines indicating trends. Horizontal red lines mark price levels at $3,750 and $3,700. Green and red arrows point to price movements near $3,750, with a green arrow upward and red arrows downward. Text overlays show price values like $3,791, $3,613, and $3,600.
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