Gold prices are currently testing the bullish channel's boundaries, signaling a possible upward movement from the current levels. As of now, the price of gold stands at $2316, with a short-term bullish trend indicated by the moving averages. The price is testing the area between the signal lines, suggesting buyer pressure and a potential continuation of the rise to around $2330. From there, we might see a pullback and a further drop with a target below $2175.
A test of the resistance line on the Relative Strength Indicator (RSI) which has been breached downwards, and a break from the lower boundary of the bullish channel will confirm the signals for a decline. If the price surges and breaks through $2375 on April 24, 2024, it would negate the bearish scenario, indicating a breakout of the resistance area and a continuation of the rise potentially above $2465. A faster drop in prices is expected if the support area is breached and the price closes below $2265.
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A test of the resistance line on the Relative Strength Indicator (RSI) which has been breached downwards, and a break from the lower boundary of the bullish channel will confirm the signals for a decline. If the price surges and breaks through $2375 on April 24, 2024, it would negate the bearish scenario, indicating a breakout of the resistance area and a continuation of the rise potentially above $2465. A faster drop in prices is expected if the support area is breached and the price closes below $2265.
This expert material is provided by SabioTrade.
SabioTrade | Prop Trading Firm
🔹 Funded accounts $20k-200k
🔹 80-90% profit share
🔹 1-step assessment
🔹100% Refund
🔹 Own trading platform