Gold price breaches the resistance – Analysis - 02-08-2022
Economies.com
2022-08-02 04:13AM UTC
Gold price surpasses the bearish channel’s resistance and settled above it, to head towards achieving more bullish correction, as it tests 50% Fibonacci correction level now at 1779.25, waiting to breach it to open the way to visit 1802.80 as a next positive target.
Therefore, we expect the continuation of the bullish bias in the upcoming sessions supported by the EMA50 that carries the price from below, noting that the continuation of the bullish wave depends on the price stability above 1755.70.
The expected trading range for today is between 1760.00 support and 1795.00 resistance.
The expected trend for today: Bullish
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