Positive Pattern on GOLD
Gold price’s recent trades are confined within bullish flag pattern that its signs appear on the chart, thus, the price needs to breach 1871.00 to activate the positive effect of this pattern followed by rallying to achieving new gains that reach 1900.00.
The key levels to watch, gold is testing the $1875 area, the 50% Fibonacci retracement of the pullback from last year’s record highs; this area also marks the minor highs from late January, providing a confluence of resistance levels and increasing the odds of a potential pullback in the latter half of this week.
The medium-term momentum has clearly shifted back in favor of the bulls, with the 20-day EMA providing support and the 200-day EMA turning higher for the first time in months. A confirmed break of $1875, if seen, could open the door for a continuation toward the next level of previous resistance at $1960 or key psychological resistance at $2000. Only a break below the bottom of the bullish channel and the 200-day EMA in the $1800 area would erase the near-term bullish bias.
14- day RSI indicator has formed a bullish channel for the last weeks
The expected trading range for today is between 1858.00 support and 1895.00 resistance.
The expected trend for today: Bullish
The key levels to watch, gold is testing the $1875 area, the 50% Fibonacci retracement of the pullback from last year’s record highs; this area also marks the minor highs from late January, providing a confluence of resistance levels and increasing the odds of a potential pullback in the latter half of this week.
The medium-term momentum has clearly shifted back in favor of the bulls, with the 20-day EMA providing support and the 200-day EMA turning higher for the first time in months. A confirmed break of $1875, if seen, could open the door for a continuation toward the next level of previous resistance at $1960 or key psychological resistance at $2000. Only a break below the bottom of the bullish channel and the 200-day EMA in the $1800 area would erase the near-term bullish bias.
14- day RSI indicator has formed a bullish channel for the last weeks
The expected trading range for today is between 1858.00 support and 1895.00 resistance.
The expected trend for today: Bullish
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