Technically, the price at the time of writing this report, the price of gold is trading at 1765, below the descending trend line that returned to trade below it, and also the resistance level 1774.
Returning above the trend line and the resistance level 1782, is an essential condition and a signal for more upside.
It is important to note that the price closed above the support level of 1852 which is the lower boundary of the side channel that the price has been moving within for more than two months.
Breaking this level will confirm the strength of the downside trend towards the support level 1726 as a first stage.
Returning above the trend line and the resistance level 1782, is an essential condition and a signal for more upside.
It is important to note that the price closed above the support level of 1852 which is the lower boundary of the side channel that the price has been moving within for more than two months.
Breaking this level will confirm the strength of the downside trend towards the support level 1726 as a first stage.