GOLD
New forecast
The price of gold confirmed breaking the support of the ascending channel and ended Friday’s trading below the 2007 level, confirming the downward trend, waiting for stability below the 1993 level, to open the way for the price to reach the 1976 level and extend to 1962 in the near future. Keeping in mind that breaking this level will push the price to 1932 areas as the next negative station.
Therefore, we expect to witness further decline during the coming sessions, supported by the negative pressure formed by the moving average 50, keeping in mind that breaching the 2007 and 2017 levels will stop the negative scenario and lead the price to regain the main upward path again.
The expect range trading for today it will be between resistance line 2007 and support line 1962 until stabilized .
support line : 1993 , 1976
resistance line : 2007 , 2017
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