The price of gold fell by $50.00 yesterday, from $1810 to the $1760 level. During the Asian trading session, we saw a recovery to the $1770 level. But we did not stay there for long, and the price went down again to the previous low of $1760. We need a continuation of negative consolidation and a breakout below for a bearish option. Potential lower support targets are $1750 and $1740 levels. For a bullish option, we need a new positive consolidation and a jump to the $1780 resistance zone. After that, we must stay at that level so that gold forms a new higher low from which we can continue the bullish recovery. Potential higher targets are the $1790 and $1800 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.