GOLD: The Rising Channel Has Opened!
Hello everyone! Today i want to share some macro analysis with you!
$Gold - main 2412(GCmain)$ Technical: Gold prices rallied yesterday and broke above our long awaited price target of 2644.65, which opens the way for further gains in the short to medium term. We believe that the way is open for gold prices to rise to the next major target of $2700.
Therefore, we are waiting for gold prices to rise further in the next few trading sessions. Looking at the 4-hour chart, the 50-period exponential moving average (EMA) is posing support. It is important to note that if the gold price falls below 2647, this will stop the bullish trend and put the gold price under intraday corrective bearish pressure before turning higher.
Gold prices are expected to trade between support at 2650 and resistance at 2690 today.
The expected trend for gold prices today is bullish. Trading is dominated by buy trades!
Strategy: Buy: 2650-2652 TP: 2670-2675 SL: 2642 (SL according to personal habits set) $XAU/USD(XAUUSD.FOREX)$
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https://x.com/TradersXauusd/status/1838848040926613922
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