Gold price started a bearish trend on 18th of April, which caused a big loss of value on the price chart of this asset; USD strengthening could also be considered as an effective factor on gold price fall. Today, the price line on gold price chart could finally break above its bearish channel and now the bull can expect a pump on gold price. MACD is also printing green histograms and RSI is in neutral territory, both showing potential for an ascending wave. Traders can expect a bullish wave heading to the resistance level above the price line.
• There is a resistance level at 1728 followed by resistance at 1765 and 18000.
• There is a support level at 1650. Below, there is 1615 and 16000.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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