Gold faced some negative pressure at the start of the week, testing the support line of its ascending channel. Today, providing additional strength to prevent a deeper correction. It is worth noting that the fundamental analysis indicates positive momentum, suggesting that there is potential for further upside in the near term.
Given the current technical setup, it is reasonable to expect gold to continue its positive trend in the coming sessions. The next support is identified at $2,761 first area, so, with the broader bullish scenario continuing as long as prices remain above the $2,770 support level. There could be some dip below this level to a short-term bearish correction, but the overall market trend remains constructive for gold buyers.
For today, traders can expect gold to trade within a range between $2,749 (support) and $2,790 (resistance). If the metal can hold above the support level and maintain its bullish stance, it is likely to push towards the upper end of this range in the near future.
Trading Recommendations
Buy Gold
👑
Given the current technical setup, it is reasonable to expect gold to continue its positive trend in the coming sessions. The next support is identified at $2,761 first area, so, with the broader bullish scenario continuing as long as prices remain above the $2,770 support level. There could be some dip below this level to a short-term bearish correction, but the overall market trend remains constructive for gold buyers.
For today, traders can expect gold to trade within a range between $2,749 (support) and $2,790 (resistance). If the metal can hold above the support level and maintain its bullish stance, it is likely to push towards the upper end of this range in the near future.
Trading Recommendations
Buy Gold
👑
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.
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.