Gold price opens today positively to breach 1992.20 and settles above it, to hint stopping the bearish correction, but we notice that the EMA50 forms good resistance against the price to stop the positive trades, while stochastic loses its positive momentum clearly to show overbought signals
Therefore, we believe that the chances valid to resume the bearish bias but before that price needs to break 1977 again to confirm heading towards 1965 & 1956 as a next correctional target, taking into consideration that consolidating above 1977 will stop the negative scenario and lead the price to regain the main bullish trend again and will head towards 1987 & 1995 with extension of 2003
Best of luck
Therefore, we believe that the chances valid to resume the bearish bias but before that price needs to break 1977 again to confirm heading towards 1965 & 1956 as a next correctional target, taking into consideration that consolidating above 1977 will stop the negative scenario and lead the price to regain the main bullish trend again and will head towards 1987 & 1995 with extension of 2003
Best of luck
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.