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Whether gold can rise is the key here!

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On the 4-hour chart, gold can be seen trading within an ascending channel, with the price recently bouncing off a key resistance-turned-support level, which also has the confluence of the 38.2% Fibonacci retracement and the red 21 moving average. This is the point where the bulls are rushing in with clear risk, targeting resistance at $1984. Bears, on the other hand, will need the price to break below the key level of $1,934 to confirm a change in trend and positions down to the $1,893 support.

On the 1-hour chart, it can be seen that gold has a small resistance near the 1950 level, which buyers need to break to continue to rebound to the resistance level of $1984. In fact, there is now this small range of support at $1934 and resistance at $1950, which gives a clear structure for the next move. A breakout to the upside should lead to more buying, while a breakout to the downside should lead to more selling.

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