Gold faced some positive pressures at the beginning of the week, as it crossed the resistance line of its ascending channel, and today, it is providing additional strength in drawing a deeper correction. It is worth noting that the fundamental analysis is indicating positive momentum, which indicates the possibility of further upside in the near term.
Given the current technical setup, it is reasonable to expect gold to continue its positive trend in the upcoming general sessions.
So, with the broader bullish scenario continuing as long as prices remain above the $2840 support level.
After the short-term bearish correction,
the overall market trend remains constructive for gold buyers.
For today, traders can expect gold to trade bullish in areas such as; $2883.00
, $2903.00 and $2933.00
. If the metal can hold above the $2880.00 resistance level and maintain its bullish stance, it is likely to push towards the upper end of this range in the near future $3000
.
Trading Recommendations
Given the current technical setup, it is reasonable to expect gold to continue its positive trend in the upcoming general sessions.
So, with the broader bullish scenario continuing as long as prices remain above the $2840 support level.
After the short-term bearish correction,
the overall market trend remains constructive for gold buyers.
For today, traders can expect gold to trade bullish in areas such as; $2883.00
, $2903.00 and $2933.00
. If the metal can hold above the $2880.00 resistance level and maintain its bullish stance, it is likely to push towards the upper end of this range in the near future $3000
.
Trading Recommendations
Pine Script®
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.