During Asian trading, the price of gold was in the range of $1760-1765, and during the European session, the price of gold continued to rise to the $1775 level. We must stay above the $1770 level to continue the bullish option. If we could do that, we would have a chance for a new bullish impulse. Potential higher targets are $1780 and $1790 levels. We need a return below the $1770 level for a bearish option. After that, a negative consolidation towards lower support levels could follow. In the zone around $1760, the price could find support in the MA20 and MA50 moving averages. A price break below would drop us to $1750, the first potential support. If the bearish trend continues, the following targets are the $1740 and $1720 levels.
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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.