Hello everyone, The price of gold is trading at the support of the ascending channel that appears in the chart above, and according to the rules of trading within price channels, the price is on its way to rebound upwards and start an upward wave in the immediate term, targeting to visit the 2009 level initially.
Therefore, an upward bias will be likely for today, supported by the positivity of the technical indicators, keeping in mind that breaking 1990 will put the price under new negative pressure to head towards testing the 1963 areas before any new attempt to rise.
Pivot Price: 1990
Resistance prices: 2009 & 2018 & 2031
Support prices: 1952 & 1942 & 1928
The general trend expected for today is bullish
Therefore, an upward bias will be likely for today, supported by the positivity of the technical indicators, keeping in mind that breaking 1990 will put the price under new negative pressure to head towards testing the 1963 areas before any new attempt to rise.
Pivot Price: 1990
Resistance prices: 2009 & 2018 & 2031
Support prices: 1952 & 1942 & 1928
The general trend expected for today is bullish
