The bullish wave on the gold price chart which has lead the price line to ascend to the resistance level at about 1880. A bullish channel was formed on the chart and the price line is now on the top line of this channel. A static resistance is also located at the current price of Gold, which I indicated as alight red box. The price line is currently reacting to this area, showing the possibility of a bearish wave to occur. The green zone below the price line is a support level which could be considered as the target for the bearish wave. Sellers could wait for a descending trigger to ignite the bearish market. The target for the up-coming wave could be considered on the green support zone.
• There is a resistance level at 1885.300 followed by resistance at 1900.000 and 1920.000.
• There is a support level at 1785.000. Below, there is 1775.800 and 1730.300.
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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