Gold is currently in a corrective movement towards the 1850 level, which is a previous support level that has turned into resistance. Additionally, the upper trendline of the descending channel, the local trendline (in yellow), the 23.6% Fibonacci level, and the 50-period moving average on the 4-hour timeframe all converge in this area.
It is possible to see a rebound towards the 1825 level from the current support zone, based on the factors mentioned above, such as the former support level turning into resistance and the convergence of multiple technical indicators.
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It is possible to see a rebound towards the 1825 level from the current support zone, based on the factors mentioned above, such as the former support level turning into resistance and the convergence of multiple technical indicators.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
