GOLD → Breakthrough of the bear channel

27 de abr. de 2023

Gold is trading in the 2000-1988 range. At the same time, the price breaks the downward price channel and retests the key liquidity area.

The futures breaks the downtrend resistance and forms a momentum followed by a consolidation. I think the bulls are picking up the potential for further upward movement.
Strong support for the bulls at the moment is the 50-hour and 200-hour moving averages, as well as the 1995 level. If the bulls hold that area under their control and break the resistance of 2000, the price will continue rising towards 2050.

Strong support is 1995 (false-break-down, the upper boundary of the descending channel and the level of 1988.
Strong resistance: 2000 and 2010.
Since the price broke the price channel with a bullish impulse, after a technical pullback and retest of strong support I will wait for the continuation of growth. The short-term target is 2010, the medium-term target is 2025-2050.

Regards R.Linda!