Gold Approaches Important Resistance
My analysis of the global gold chart on the 4-hour time frame shows that the recent rally has brought the price close to the important resistance zone at $2,702. With this rally, the price has now surpassed both the 34 and 89 EMAs, which is a positive sign for the bullish trend. However, it should be noted that when approaching this resistance zone, the price may encounter strong selling pressure, which could lead to a correction to the downside before continuing the uptrend.
If the price bounces back from the current resistance zone, the next support target could be $2,660, an area that has previously supported the price during rallies. Any macroeconomic developments should also be closely watched, as they could significantly influence the price trend of gold.
If the price bounces back from the current resistance zone, the next support target could be $2,660, an area that has previously supported the price during rallies. Any macroeconomic developments should also be closely watched, as they could significantly influence the price trend of gold.
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