Gold is still within an ascending channel on the higher time frames.
However, the price has been moving within a descending channel on the H4 chart and now the price is at a confluence area.
If the ascending channel/ trend-line holds we should see a bounce and the price will test higher levels. Look out for reversal from the 1890 zone.
Break above 1904 will open up our target of 1936.52 again.
If the price breaks out of the ascending Channel/Tend-line to the downside we can expect the price to continue down within the descending Channel.
Break below will open up the 1840-1830 zone.
We are still bullish on Gold and any short term retracements will be opportunities to buy.
Please take a look at our previous Gold analysis.
Please do hit the like button, share and leave a comment.
However, the price has been moving within a descending channel on the H4 chart and now the price is at a confluence area.
If the ascending channel/ trend-line holds we should see a bounce and the price will test higher levels. Look out for reversal from the 1890 zone.
Break above 1904 will open up our target of 1936.52 again.
If the price breaks out of the ascending Channel/Tend-line to the downside we can expect the price to continue down within the descending Channel.
Break below will open up the 1840-1830 zone.
We are still bullish on Gold and any short term retracements will be opportunities to buy.
Please take a look at our previous Gold analysis.
Please do hit the like button, share and leave a comment.
