Peace, mercy and blessings of God
Gold is still inside the descending channel, and as I said in the previous analysis, gold is retesting
On the monthly timeframe the price failed to close above 1843.00
On the 4-hour time frame, we see that the price has rebounded from the level of 1870.06, which coincides with the first downtrend of the descending price channel.
To settle at support 1833.12
Currently we see a head and shoulders pattern
The first order is to buy if the price is able to breach 1870.06, targeting 1890.54 and 1908.61
The second matter, which is almost likely to be sold, in the event of breaking the support 1833.12, to a first target at 1807.05, and in case it is broken, we will see the important support 1778.16
Breaking the support 1778.16 will press the price to a new low at 1734.90 then 1696.04, which is the first target shown in the previous analysis on the monthly frame
Note: There is a slight possibility that the price will sideways trade between support 1833.12 and resistance 1870.06
We ask God for success
Gold is still inside the descending channel, and as I said in the previous analysis, gold is retesting
On the monthly timeframe the price failed to close above 1843.00
On the 4-hour time frame, we see that the price has rebounded from the level of 1870.06, which coincides with the first downtrend of the descending price channel.
To settle at support 1833.12
Currently we see a head and shoulders pattern
The first order is to buy if the price is able to breach 1870.06, targeting 1890.54 and 1908.61
The second matter, which is almost likely to be sold, in the event of breaking the support 1833.12, to a first target at 1807.05, and in case it is broken, we will see the important support 1778.16
Breaking the support 1778.16 will press the price to a new low at 1734.90 then 1696.04, which is the first target shown in the previous analysis on the monthly frame
Note: There is a slight possibility that the price will sideways trade between support 1833.12 and resistance 1870.06
We ask God for success
نسأل الله التوفيق
