Gold is trading in an uptrend channel , but there is a nuance - a weak reaction to support and numerous retests. What should we expect from the price?
The gold makes many retests to the support of the uptrend channel , and that increases the chances of a break-up attempt. If that happens, the price might fall to 1940.
But, since we are still inside the channel, we will consider a bullish scenario as well.
The price has formed a local resistance level 1984. There is a consolidation between the level and a kind of triangle pattern , so if the price breaks through the resistance of 1984, it can go up to 2000 and 2010.
Strong news are not expected today and the price is likely to continue its upward trend. Another retest to the resistance can break it, but in case of a break-down of the channel support, the price can go to 1960, and then to 1940
The gold makes many retests to the support of the uptrend channel , and that increases the chances of a break-up attempt. If that happens, the price might fall to 1940.
But, since we are still inside the channel, we will consider a bullish scenario as well.
The price has formed a local resistance level 1984. There is a consolidation between the level and a kind of triangle pattern , so if the price breaks through the resistance of 1984, it can go up to 2000 and 2010.
Strong news are not expected today and the price is likely to continue its upward trend. Another retest to the resistance can break it, but in case of a break-down of the channel support, the price can go to 1960, and then to 1940