To follow the previous developments, the price is currently in a sideways trading range or in the absence of a clear trend. Since the price is approaching strong support at the 2600 and 2606 levels that appear repeatedly, if the price continues to respect these levels, the construction of the sideways trend structure of the gold market can be confirmed, which means that the price will rise and fall within a specific range between the support level and the resistance level.
Given the developments on the chart, the price is expected to witness some decline towards the resistance level and the ascending trend line in the 3h, 2h and 1h time frame where there is a high probability of an upward movement aimed at restoring balance before preparing for a downward movement. For the long term, monitoring the price at the ascending trend line in the daily range (in further areas) is the appropriate solution for the gold market before determining the direction and making decisions. As a safe haven, the price may continue to rise in the long term if it cannot break the ascending trend line.
Given the developments on the chart, the price is expected to witness some decline towards the resistance level and the ascending trend line in the 3h, 2h and 1h time frame where there is a high probability of an upward movement aimed at restoring balance before preparing for a downward movement. For the long term, monitoring the price at the ascending trend line in the daily range (in further areas) is the appropriate solution for the gold market before determining the direction and making decisions. As a safe haven, the price may continue to rise in the long term if it cannot break the ascending trend line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.