Gold continues to respect the medium-term support trend line
June 6, 2023 2:22 pm
Black line- support trend line
Gold price is trading around $1,960. Gold’s decline stopped at $1,931 where we find the upward sloping support trend line since last year. As we mentioned in previous posts, this support trend line is very important. Yesterday price tested this support trend line again and is bouncing higher once again. As long as Gold remains above this trend line, bulls will have hopes for a move higher. Short-term resistance is found at $1,983. Bulls need a daily close above this level in order to hope for a move higher and why not new higher highs. Failure to hold above $1,925-30 will open the way for a deeper decline below $1,900.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- support trend line
Gold price is trading around $1,960. Gold’s decline stopped at $1,931 where we find the upward sloping support trend line since last year. As we mentioned in previous posts, this support trend line is very important. Yesterday price tested this support trend line again and is bouncing higher once again. As long as Gold remains above this trend line, bulls will have hopes for a move higher. Short-term resistance is found at $1,983. Bulls need a daily close above this level in order to hope for a move higher and why not new higher highs. Failure to hold above $1,925-30 will open the way for a deeper decline below $1,900.
The material has been provided by InstaForex Company – www.instaforex.com
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