GOLD XAUUSD Chart Technical Outlook the rally stalls near the trend of higher highs
Although Gold has stalled close to the trend of higher highs at $2,182, the precious metal has not produced a bearish reversal signal.
Bespoke support levels are located at $2,123, $2,062, and $1,974.
Projection analysis using the Elliott Wave theory (5-waves) would suggest that the ‘value trade’ is to sell into gains. The upside barrier is calculated to sit at $2,215. A reversal from this zone could be substantial with an eventual move down to 1974 dollars (-10.5%)
Resistance: $2,182 (train line), $2,195 (all-time high), $2,215 (projected barrier)
Support: $2,123 (bespoke), $2,062 (bespoke) $1,974 (bespoke)
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