GOLD
OUTLOOK
At the beginning of this important week's trading, gold futures rose, with attention focused on the Federal Open Market Committee (FOMC) meeting for September. The price of the yellow metal had difficulties in penetrating, but investors rejoiced when gold prices exceeded the $1950 level. Since yesterday, the price of gold,
Technical Abstract :
The price of gold was able to penetrate the 1930 level and ended yesterday’s trading above it. By carefully looking at the chart, we will see the price tries to get out of the bearish channel so we expect the price will try to reach 1940 and 1950 level supported by support 1930 level
Therefore, the bullish trend scenario will remain valid and effective for the coming period, keeping in mind that breaking 1930 will stop the expected rise and place the price under negative pressure in the immediate term.
On the Daily time frame as we see the price tries to get out of bearish channel.
The expect range trading for today it will be between resistance line 1940 and support line 1930.
Additionally , Today news will affect the market directly so manage your account carefully .
support line : 1930 , 1920
resistance line : 1940 , 1952
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
At the beginning of this important week's trading, gold futures rose, with attention focused on the Federal Open Market Committee (FOMC) meeting for September. The price of the yellow metal had difficulties in penetrating, but investors rejoiced when gold prices exceeded the $1950 level. Since yesterday, the price of gold,
Technical Abstract :
The price of gold was able to penetrate the 1930 level and ended yesterday’s trading above it. By carefully looking at the chart, we will see the price tries to get out of the bearish channel so we expect the price will try to reach 1940 and 1950 level supported by support 1930 level
Therefore, the bullish trend scenario will remain valid and effective for the coming period, keeping in mind that breaking 1930 will stop the expected rise and place the price under negative pressure in the immediate term.
On the Daily time frame as we see the price tries to get out of bearish channel.
The expect range trading for today it will be between resistance line 1940 and support line 1930.
Additionally , Today news will affect the market directly so manage your account carefully .
support line : 1930 , 1920
resistance line : 1940 , 1952
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
