The long-term, medium-term, and short-term trends all point to a bullish trajectory for gold. As long as gold maintains activity above the confluence support of the upper channel line (b) and the 0.786% Fibonacci extension level, short-term upward potential remains intact.
However, in the scenario where the $2,244 level is breached below, gold could undergo a relatively moderate downward correction, with a short-term target at $2,223.
Throughout the day, the gold price trend is expected to remain bullish, albeit with considerable volatility. Key technical levels to note include:
Support: $2,244 – $2,223
Resistance: $2,265
Note
Note
The price will go down to about 2247 and then bounce upNote
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.