GOLD begins a downward correction
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GOLD 6H NEW FORECAST
The price of gold confirmed breaking the ascending channel support and ended Friday’s trading below it, beginning a downward correction of the rise that started from the 1810.33 area, on its way to visiting the 1977.46 level as the next corrective target, keeping in mind that breaking this level will push the price to the 1942 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 2015 and then 2035 levels will stop the negative scenario and lead the price to regain the main upward path again.
The expected trading range for today is between support 1977.00 and Resistance 2015.00
The general trend expected for today: Bearish
GOLD 6H NEW FORECAST
The price of gold confirmed breaking the ascending channel support and ended Friday’s trading below it, beginning a downward correction of the rise that started from the 1810.33 area, on its way to visiting the 1977.46 level as the next corrective target, keeping in mind that breaking this level will push the price to the 1942 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 2015 and then 2035 levels will stop the negative scenario and lead the price to regain the main upward path again.
The expected trading range for today is between support 1977.00 and Resistance 2015.00
The general trend expected for today: Bearish
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