GOLD 4H within a positive pattern

Hello traders, The recent gold price trades are confined within a descending secondary channel, which we believe constitutes a bullish continuation flag pattern, as shown in the chart,The price of gold continues to fluctuate around the 1963 level, and faces some negative pressure to move below it now, which requires attention in the upcoming trading, as consolidation below this level will stop the positive scenario and place the price under negative pressure, mainly targeting the 1951 areas.



We point out that the price needs to rise above 1963 to reinforce the positive expectations, the next main target of which is 1981.


Pivot Price: 1963
Resistance Price: 1981 & 1996 & 2010
Support price: 1951 & 1938 & 1925

The general trend expected for today: bullish

timeframe: 4H

交易开始:

The price of gold ended yesterday’s trading above the 1977 level, confirming the breakthrough and heading towards resuming the expected upward trend in the intraday term, on its way to visiting the 1996 and then 2010 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 will stop the positive scenario and put the price under negative pressure.