There is a bullish wave in the gold price chart with the price line rising to the resistance level around 1880. A bullish channel has formed on the chart and the price line is now at the upper line of this channel. The static resistance level, indicated by the thin red box, is the other factor that enlarges the possibility of an upcoming bearish wave. The price line is currently responding to this area, indicating a possible trend reversal. The red zone below the price line is the support level that could be considered as the target of the bearish wave. Sellers can wait for a downside trigger to reignite the bear market. The next wave target can be considered on the support levels mentioned below.
• There is a resistance level at 1945.000 followed by resistance at 1967.300 and 1980.500.
• There is a support level at 1895.000 Below, there is 1888.500 and 1875.000.
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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