Gold breaks the support of the uptrend channel and renews the local low. The price is forming a sideways range. How might this affect the price?
When channel support is broken, price breaks the 50-hour and 200-hour moving averages on the 1-hour timeframe, descending to a low of 1950. There is a chance that the price will bounce from the SMA on the retest and go to the support of the 1935 range.
At the moment the futures are in the red zone, so it is worth to be careful about the purchases and to consider the sales as a small priority.
I expect that the price will bounce down from the local resistance levels and go towards the support of the 1935 (range support)
When channel support is broken, price breaks the 50-hour and 200-hour moving averages on the 1-hour timeframe, descending to a low of 1950. There is a chance that the price will bounce from the SMA on the retest and go to the support of the 1935 range.
At the moment the futures are in the red zone, so it is worth to be careful about the purchases and to consider the sales as a small priority.
I expect that the price will bounce down from the local resistance levels and go towards the support of the 1935 (range support)