Gold Price Analysis: Testing Support at $2627 – Will the Uptrend Continue?
Gold is currently testing the broken channel’s trendline resistance turned support at $2627. Despite the shallow retracement, the metal might be gearing up for another move higher. With the recent all-time highs, it’s risky to bet against the trend. However, if the support fails, the next level to watch is $2600.
Analysis:
Gold is currently at a critical support level of $2627, which was previously a resistance line. If this level holds, we could see the metal continue its uptrend. However, if the support fails, the next key level to watch is $2600. It’s important for investors to keep an eye on these levels to make informed decisions about their gold investments.