Gold price rose well by today's opening to start the attempts to return to the bullish channel again, as it managed to touch the recently recorded top at 1218.90, taking advantage of the positive support provided by the exponential moving average 100.
Thus, it is expected that the rise will continue dominating gold price in the coming period, and our next target is located at 1240.00, while the price needs to keep the support ground formed above 1205.00 and 1197.44 to continue the expected bullish trend.
Support & Resistance:
Support 1205.00 1197.44 1190.00
Resistance 1218.90 1228.85 1240.00
Recommendation Gold is positive above 1205.00, target at 1228.85, risk limit below 1197.44
Reverse scenario Gold will be negative below 1197.44, targets at 1167.40 then 1158.00, risk limit above 1205.00
Thus, it is expected that the rise will continue dominating gold price in the coming period, and our next target is located at 1240.00, while the price needs to keep the support ground formed above 1205.00 and 1197.44 to continue the expected bullish trend.
Support & Resistance:
Support 1205.00 1197.44 1190.00
Resistance 1218.90 1228.85 1240.00
Recommendation Gold is positive above 1205.00, target at 1228.85, risk limit below 1197.44
Reverse scenario Gold will be negative below 1197.44, targets at 1167.40 then 1158.00, risk limit above 1205.00
