GOLD 4H : Support further decline
Updated
GOLD
New forecast
The price of gold confirmed breaking the support of the ascending channel and ended Friday’s trading below the 2007 level, confirming the downward trend, waiting for stability below the 1993 level, to open the way for the price to reach the 1976 level and extend to 1962 in the near future. Keeping in mind that breaking this level will push the price to 1932 areas as the next negative station.
Therefore, we expect to witness further decline during the coming sessions, supported by the negative pressure formed by the moving average 50, keeping in mind that breaching the 2007 and 2017 levels will stop the negative scenario and lead the price to regain the main upward path again.
The expect range trading for today it will be between resistance line 2007 and support line 1962 until stabilized .
support line : 1993 , 1976
resistance line : 2007 , 2017
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New forecast
The price of gold confirmed breaking the support of the ascending channel and ended Friday’s trading below the 2007 level, confirming the downward trend, waiting for stability below the 1993 level, to open the way for the price to reach the 1976 level and extend to 1962 in the near future. Keeping in mind that breaking this level will push the price to 1932 areas as the next negative station.
Therefore, we expect to witness further decline during the coming sessions, supported by the negative pressure formed by the moving average 50, keeping in mind that breaching the 2007 and 2017 levels will stop the negative scenario and lead the price to regain the main upward path again.
The expect range trading for today it will be between resistance line 2007 and support line 1962 until stabilized .
support line : 1993 , 1976
resistance line : 2007 , 2017
Attention : We don't have any group in telegram be careful about scammer.
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Trade closed: target reached
GOLD
Update
The price perfectly fulfills my last idea and price reached to our first target +160 pip and still running .
The price of gold fell yesterday and succeeded in touching our expected target at 1976, and it rebounds from it quickly, and falls under negative pressure formed by the moving average 50, which makes us expect the downward trend to reach 1976 again, and by breaking it, it will head towards the next negative station, which reaches 1962 and 1932 levels .
Therefore, the downward trend scenario will remain in place for the coming period, keeping in mind that failure to remain stable below the 1976 level will push the price to achieve immediate gains, and remaining stable above the 1993 level will postpone the possible decline.
The expect range trading for today it will be between resistance line 2007 and support line 1962 until stabilized .
Additionally ,Today News will affect on the market .
support line : 1976 , 1962
resistance line : 1993 , 2007
Attention : We don't have any group in telegram be careful about scammer.
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Trade closed: target reached
GOLD
Update
The price perfectly fulfills my last idea and price reached to our first target +90 pip and still running .
The price of gold has been trading near the 1976 level since yesterday, waiting for a negative incentive that will help push the price to break this level and then open the way to head towards our next corrective target, which reaches 1962 and extends to 1943.
Therefore the downward scenario will be remain valid and effective during coming period and the moving average of 50 constitutes continuous negative pressure against the price to support expectations for the continuation of the downward wave, with a reminder that breaching 1993 and holding above it may encourage the price to achieve immediate gains before any new negative attempt.
The expect range trading for today it will be between resistance line 2007 and support line 1962 until stabilized .
Additionally ,Today News will affect on the market .
support line : 1976 , 1962
resistance line : 1993 , 2007
Attention : We don't have any group in telegram be careful about scammer.
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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