The support level could not hold the price this time.
Gold price started a bearish move a few days ago, as the price got close to 1770, which was a strong support and had pump the price up several times, traders expected to see the support zone pump the price up once more. This time how ever the support level could not hold the price and was broken. The price right now is on the mid lane of the descending channel.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
A very strong resistance lays at 1775 – 1785. In case this area gets broken by the price line, traders can be waiting to see the price at 1830. At the moment the resistance level is still valid and is expected to remain valid, a retest of the area, however, is expected. Bearish positions are more recommended at the moment. The first TP for sellers could be 1745, in case the price can break this area, the next strong resistances are at 1725 and 1680
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.