Hello everyone,
GOLD 4H NEW FORECAST
Gold price trades rebounded downward after testing the broken support for the ascending channel that appears in the chart, to begin pressuring the pivotal support level of 2325 and providing signals on the trend to resume the downward correction, and the price needs to break the aforementioned support to confirm opening the way to heading towards 2300 as the next corrective target.
Therefore, we expect to witness negative trading during the coming sessions, supported by the negative pressure formed by the moving average 50, keeping in mind that the breach of 2365 will stop the expected decline and lead the price to restore the main upward trend again.
The expected trading range for today is between support 2325 and resistance 2365
GOLD 4H NEW FORECAST
Gold price trades rebounded downward after testing the broken support for the ascending channel that appears in the chart, to begin pressuring the pivotal support level of 2325 and providing signals on the trend to resume the downward correction, and the price needs to break the aforementioned support to confirm opening the way to heading towards 2300 as the next corrective target.
Therefore, we expect to witness negative trading during the coming sessions, supported by the negative pressure formed by the moving average 50, keeping in mind that the breach of 2365 will stop the expected decline and lead the price to restore the main upward trend again.
The expected trading range for today is between support 2325 and resistance 2365
