The gold market opened with a gap and is currently trading sideways, which may continue for a few days. On the 1H timeframe, the price action is range-bound, indicating indecision in the market. A good opportunity to buy would be a false breakout of the previous week's low with bullish divergence. My expectation is that the price may initially move below the 2400 support level, allowing for a better entry point. However, if the price makes an impulsive move upwards, it would suggest that the bulls have taken control, and we could look for a pullback to enter the market in anticipation of the retest of the 2450 resistance. My target is resistance zone at 2430
📊QUICK FUNDAMENTAL LOOK
Gold prices are likely to consolidate in the short-term, and the long-term outlook remains bullish, Phillip Nova analyst Priyanka Sachdeva says in a research note.
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