In today’s article, I decided to share with you my insights from today’s Quick Gold Alert. Have a nice read!
February 25, 2025
Where are the bears’ next targets?
Technical Picture of Gold
Looking at the above charts, we see that although bulls hit a fresh all-time high yesterday, they didn't close the day above the previous peaks. In this way, they invalidated the earlier breakout, which translated into a sharp move to the downside.
As you can see on the charts, thanks to this price action, the futures dived under the lower border of the green rising trend channel (marked on the daily chart), which opened the way to the next support area—marked with green on both charts around $2,880-$2,895.
Therefore, if the barrier of $2,900 does not stop the bulls, we'll likely see the price there in the very near future. Additionally, if the bulls let their opponents close the day under the lower line of the mentioned channel, this will trigger a pro-declining scenario based on the height of the channel.
What do I mean by that?
Considering the channel's mentioned height, we can see a decline to around $2,840 or even to around $2,824, where the 38.2% Fibonacci retracement (based on the entire Dec.18, 2024 – Feb. 24, 2025, upward move) currently is.
Have a profitable day, and see you tomorrow.
Anna Radomska