The recent gold price trades are confined within a descending sub-channel that we believe forms a bullish continuation flag pattern as shown in the chart. Therefore, breaching 1977.25 will activate the positive effect of this pattern and then push the price to head towards our main awaited target at 2016.90.
Therefore, we continue to favor the upward trend for the coming period, which receives continuous support from the moving average 50, while keeping in mind that the consolidation of the 1977.25 level in the face of positive attempts will put pressure on the price to bounce downwards and head to test the 1945.20 level mainly.
support 1960.00 and resistance 1990.00
Therefore, we continue to favor the upward trend for the coming period, which receives continuous support from the moving average 50, while keeping in mind that the consolidation of the 1977.25 level in the face of positive attempts will put pressure on the price to bounce downwards and head to test the 1945.20 level mainly.
support 1960.00 and resistance 1990.00