Gold is approaching support, potential for a bounce!
Price is approaching our first support at 1873.38, in line with our 38.2% Fibonacci extension and horizontal overlap support, where we remain bullish above this level. We could see a potential bounce at this level and further rise up towards our first resistance at 1896.17, in line with our 38.2% Fibonacci extension and horizontal swing high resistance. It is worth noting that the price is still holding above EMA (55) and the Ichimoku cloud, showing bullish pressure in line with our analysis.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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