Gold has started a downward correction since it achieved its second target of the 1345 uptrend scenario … The price is currently floating in the bullish trend line shown on the 4 hour chart … Momentum indicators on both the 4-hour time frame and the day indicate a sell saturation, Has gathered enough momentum to end the current correction and resume the upside move. To confirm this probability, it is preferable to go back to the 1326-1330 high to set the next targets around 1345 again, which could push the pair to the next resistance at 1365.
A breach of the mentioned trend line and stability below it may pressure the price to test the support 1298 as the first target and then it could go to support 1275 as the second target.
Tags:
Related Posts
