Gold Price Technical Analysis
Updated
Technically, the gold price appears to be trading within a descending channel formation in the 60-min chart. This indicates a significant short-term bearish bias in the market sentiment.
Therefore, the bulls will be looking to pounce on rebounds at about $1,972 or higher at $1,978. On the other hand, the bears will be targeting short-term profits at about $1,960 or lower at $1,954.
In the daily chart, the price of the yellow metal appears to be trading within an ascending channel formation. This indicates a significant long-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to stretch the current run of gains to about $2,004 or higher to $2,041. On the other hand, the bears will be looking to pounce on profits at about $1,931 or lower at $1,891.
XAUUSD BUY 1959 - 1961💯💯
✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1953
Therefore, the bulls will be looking to pounce on rebounds at about $1,972 or higher at $1,978. On the other hand, the bears will be targeting short-term profits at about $1,960 or lower at $1,954.
In the daily chart, the price of the yellow metal appears to be trading within an ascending channel formation. This indicates a significant long-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to stretch the current run of gains to about $2,004 or higher to $2,041. On the other hand, the bears will be looking to pounce on profits at about $1,931 or lower at $1,891.
XAUUSD BUY 1959 - 1961💯💯✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1953
Note
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