GOLD 4H : stable above 1916 will support to rise again
GOLD
OUTLOOK
Gold declines due to dollar pressure ahead of US inflation data ,Gold prices fell in the European market on Tuesday, near the lowest level in a week, due to pressure from the rise of the US dollar against a basket of global currencies, before the release of inflation data in the United States..
Technical abstract:
As we expected yesterday , so we said The bearish trend will be in control because the price tried to breach the resistance line 1932 and couldn't and the price lost about 80 pip and still forward to 1916.
Now , The price of gold found it difficult to confirm the breach of a 1932 level, for today we expect the price will rebounds to 1926 and 1932 again.
Hence, the upward trend scenario will remain valid and effective for the coming period, keeping in mind that breaking the levels of 1916 and then 1912 will stop the expected rise and put pressure on the price to turn lower.
support line : 1916 , 1902
resistance line : 1932, 1939
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Gold declines due to dollar pressure ahead of US inflation data ,Gold prices fell in the European market on Tuesday, near the lowest level in a week, due to pressure from the rise of the US dollar against a basket of global currencies, before the release of inflation data in the United States..
Technical abstract:
As we expected yesterday , so we said The bearish trend will be in control because the price tried to breach the resistance line 1932 and couldn't and the price lost about 80 pip and still forward to 1916.
Now , The price of gold found it difficult to confirm the breach of a 1932 level, for today we expect the price will rebounds to 1926 and 1932 again.
Hence, the upward trend scenario will remain valid and effective for the coming period, keeping in mind that breaking the levels of 1916 and then 1912 will stop the expected rise and put pressure on the price to turn lower.
support line : 1916 , 1902
resistance line : 1932, 1939
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
UPDATE
I expect the price will rebounds from 1916 but it was continue at the beraish due to the US inflation data that could update the view on interest rates...
and now as we said breaking 1916 the price will be under sell pressure and will postponed the bullish trend