Or / Dollar Américain
Long

Gold Technical Roadmap: From Correction to Recovery

852
Current Price Action
The price has formed a clear downtrend over the recent sessions, breaking below a previous uptrend line (marked in green)
There's notable selling pressure as price has dropped from recent peaks and is showing a bearish momentum(In line with my last post on gold).

Short-Term Outlook (Within Current week):

I am expecting potential bottoming formation may be developing. The recent sell-off appears to be approaching key support levels, with S1 at 2,808.47or S2 at 2758 likely to provide initial support. Watch second curved arrows on the chart an expected bounce from this region.
We have to Consider that oversold conditions might develop soon if the downtrend continues and then we have to watch for bullish reversal patterns near support levels as mentioned above.

Mid-Term Outlook (2-6 weeks)
Initial drop (Ongoing )
Potential bounce to Pivot (2882-2,900) resistance
Possible second test of support (S1 or S2)
After Low ,If successful, a stronger move toward previous week highs (2,960) and potentially R2 (3000)
Overall View is still bullish and we have to wait for confirmation from low to add in current running buy trades as mentioned in previous analysis.

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