GOLD: A Bullish Rally in the Upcoming Trades
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2502(GCmain)$ Technical: Gold prices are facing temporary downward pressure in order to retest the broken neckline of the double top pattern at 2640, with the EMA50 reaching that support level to add more strength, while the stochastic indicator is sending clear positive signals.
Therefore, these factors prompt us to suggest a bullish rally in the upcoming trades in order to resume the bullish trend expected during the day, with its next major target located at $27000, taking into account that a break below $2640 would expose the price to additional negative pressure towards a bearish wave with $2600. as the first negative target.
Today's trading range is expected to be between the $2625 support level and the $2660 resistance level
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