gold recovered from a sharp decline around 1924. the rebound to it to the 1962 zone this volatility in the gold price of almost $40 could be seen as a positive sign. if the trend continues. it is likely that in the next few days, it will consolidate above 1975. then, we could expect the bullish cycle to resume and the instrument could reach $2000 and even around 2,062.
the H4 chart shows that gold has found strong resistance around the 1963 level coinciding with the top of the downtrend channel and with 200 ema. in the next few hours. if the price continues negotiating below this level. a technical correction is likely to follow
given that gold is moving within a downtrend channel. we could expect it to reach the 1.950 zone to 1,922, area that coincides with the bottom of the bearish channel, formed on May 23.
in case of a sharp break and consolidation above the 200 EMA (1,964) on the 4hr chart. gold is expected to reach an area of 1975. this will prove to be the last barrier for gold and then, we could expect, it to go up to reach around the psychological level of $2000.
as long as gold trades below 1.963(200 EMa), it is expected to reach again the key support level around 1,937 and 1,922.
the H4 chart shows that gold has found strong resistance around the 1963 level coinciding with the top of the downtrend channel and with 200 ema. in the next few hours. if the price continues negotiating below this level. a technical correction is likely to follow
given that gold is moving within a downtrend channel. we could expect it to reach the 1.950 zone to 1,922, area that coincides with the bottom of the bearish channel, formed on May 23.
in case of a sharp break and consolidation above the 200 EMA (1,964) on the 4hr chart. gold is expected to reach an area of 1975. this will prove to be the last barrier for gold and then, we could expect, it to go up to reach around the psychological level of $2000.
as long as gold trades below 1.963(200 EMa), it is expected to reach again the key support level around 1,937 and 1,922.