GOLD 4H : Still support further rise up
GOLD
New forecast
The price of gold dropped and tested the first support at 1975 and maintains its stability above it, waiting to stimulate the price to resume the expected upward trend for the coming period, which targets the levels of 1987 and 1993 as the next main stations.
Therefore the uptrend scenario will be remain valid supported by moving average 50 that is continue to support the price to rise up , taking into account that breaking the levels of 1975 and stabilized under it will stop the positive scenario and put pressure on the price to return to the downward corrective path again. so under 1975 the price will try to reach 1962 level and then will rice up .
The expect range trading for today it will be between resistance line 1993 and support line 1975 until stabilized .
support line : 1975 , 1962
resistance line : 1987 , 1993
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New forecast
The price of gold dropped and tested the first support at 1975 and maintains its stability above it, waiting to stimulate the price to resume the expected upward trend for the coming period, which targets the levels of 1987 and 1993 as the next main stations.
Therefore the uptrend scenario will be remain valid supported by moving average 50 that is continue to support the price to rise up , taking into account that breaking the levels of 1975 and stabilized under it will stop the positive scenario and put pressure on the price to return to the downward corrective path again. so under 1975 the price will try to reach 1962 level and then will rice up .
The expect range trading for today it will be between resistance line 1993 and support line 1975 until stabilized .
support line : 1975 , 1962
resistance line : 1987 , 1993
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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