Gold price has recently been trending bearish and is now approaching to a support zone. Some indicators have issued bullish signals and the descending slope of the chart is decreasing. The red zone below the price line reflects a major demand zone and the green area represents the bearish channel; within which the current bearish trend is taking place. This area has recently been able to pump the price line a couple of times and therefore is consider to react accordingly. Buyers can expect the price line to break above the channel and then enter long positions, heading to the resistance levels above the price line.
• The first major resistance level is at $1675.000, followed by other resistance levels, located at 1720.000 and 1765.000.
• There is support at 1630.000; below, there is 1615.000 and 1600.000

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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