In today’s article, I decided to share with you my insights from today’s Quick Gold Alert. Have a nice read!
February 27, 2025
Where are the bears’ next targets?
Technical Picture of Gold
From today’s point of view, we see that gold futures finished yesterday’s session under the previously broken lower border of the green short-term channel and verified earlier breakdown, which means that Tuesday’s comments and levels to watch remain up to date also today:
(…) 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 chars around $2,880-$2,895.
Therefore, if the barrier of $2,900 do not stop the bulls we’ll likely see the price there in the very near future. Additionally, if the bulls let their opponents to 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 mentioned height of the channel, 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