From $2484, Gold drops $100 to $2384: What Next..?
After gold faced strong rejection from $2484 triggering a $100 sell off that caused a drop to $2384, some pause in selling pressure is visible as price meets support zone 100 SMA $2387 on 4 hour chart.
Immediate resistance is seen dynamically positioned at $2402 which if cleared, can extend relief rally to reach 50 EMA $2416
Further upside depends on strong break and acceptance above this resistance $2416 which eases the way to $2424 followed by critical overhead resistance $2434
If bulls succeed establishing domination above $2434, preferably with a 4 hour or day close above the zone, correctional decline may be considered as done for short term and resumption of uptrend may get affirmation.
On the flip side, failure to make a strong and sustained break above $2434 may come as rejection from turning point, causing renewed selling pressure as bears may prefer repositioning their shorts at higher risk-reward in anticipation of break below $2384 that may look at $2358 initially, followed by 100 day SMA $2314
Immediate resistance is seen dynamically positioned at $2402 which if cleared, can extend relief rally to reach 50 EMA $2416
Further upside depends on strong break and acceptance above this resistance $2416 which eases the way to $2424 followed by critical overhead resistance $2434
If bulls succeed establishing domination above $2434, preferably with a 4 hour or day close above the zone, correctional decline may be considered as done for short term and resumption of uptrend may get affirmation.
On the flip side, failure to make a strong and sustained break above $2434 may come as rejection from turning point, causing renewed selling pressure as bears may prefer repositioning their shorts at higher risk-reward in anticipation of break below $2384 that may look at $2358 initially, followed by 100 day SMA $2314
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