Is It the Time to Buy Gold? Chart Analysis

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All the previous week, the market was dominated by bears, which pushed the price to the lower bound of the yellow channel. However, in the last section, we saw the beginning of a fairly large upward correction, the bulls are trying to change the direction of movement to the upward. If in the confrontation between bulls and bears, the bears will still be able to continue to push the price down, during the next trading days we will see the price reach the support level of 1431.84, which is on the lower yellow bound.

SELL Gold        BUY Gold

However, if the bulls win and the price rises above the resistance level of 1476.17, which is on the moving average, we can see the price rise to the upper bound of the yellow channel and the resistance level of 1504.98.

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