The price of gold ended yesterday’s trading above the 1977.25 level, confirming the breakthrough and heading towards resuming the expected upward trend in the intraday term, on its way to visiting the 2000.00 and then 2016.90 levels as the next main targets.
We note that the price is affected by the bullish flag pattern that was completed after breaching the aforementioned resistance, enhancing the chances of achieving more gains during the coming sessions, supported by the moving average 50, which carries the price from below, noting that breaking 1977.25 will stop the positive scenario and put the price under negative pressure.
support 1975.00 and resistance 2005.00
We note that the price is affected by the bullish flag pattern that was completed after breaching the aforementioned resistance, enhancing the chances of achieving more gains during the coming sessions, supported by the moving average 50, which carries the price from below, noting that breaking 1977.25 will stop the positive scenario and put the price under negative pressure.
support 1975.00 and resistance 2005.00