Global Gold Analysis (Daily Time Frame)
Gold has shown a strong upward reversal, breaking through the significant $2,638 level, creating favorable conditions for reclaiming higher levels.
- Main Scenario: Given the strong bullish candle formed on the last trading day of the previous week, the upward movement is expected to continue. If gold breaks above the $2,665 resistance, the next targets will be $2,693 and potentially $2,725.
- Alternative Scenario: If gold consolidates below the critical $2,638 level, it is likely to test $2,596 first and then $2,583.
Gold Analysis (4-Hour Time Frame)
- Main Scenario: It appears that gold is completing its pullback and could resume its upward movement from one of two levels. The reversal may start either from the current $2,640 level or from $2,627. If this movement completes from either level, the next targets will be $2,665, $2,692, and $2,700.
- Alternative Scenario: If the $2,627 support is decisively broken, gold’s next target will be the $2,596 range.
Gold Analysis (15-Minute Time Frame)
- Main Scenario: If gold breaks and consolidates above the $2,643 level, the next targets will be $2,652 and $2,665.
- Alternative Scenario: If gold loses the $2,632 support, it could decline further to the $2,622 range.