Gold Spot / U.S. DollarUpdated Gold analysis: Is it about to go Bullish again?
Dear traders, Gold has not dropped below the 100-day EMA which is a positive
sign for the bulls. However, the descending trendline and the dynamic resistance
on the 4Hour chart is capping the upside move.
If Gold manages to break the 1970 resistance level with strong bullish impulsive
candle, there is a chance for a further rise towards 2000 and 2050 levels in Gold.
However, if Gold continues to struggle at 1970, we can see price slide back towards
1940 again.
sign for the bulls. However, the descending trendline and the dynamic resistance
on the 4Hour chart is capping the upside move.
If Gold manages to break the 1970 resistance level with strong bullish impulsive
candle, there is a chance for a further rise towards 2000 and 2050 levels in Gold.
However, if Gold continues to struggle at 1970, we can see price slide back towards
1940 again.
Note
CPI news have give some boost to Gold
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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.
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.