Gold price heads towards the support – Analysis - 11-08-2022
Gold price trades negatively to break the bullish channel’s support line and heads towards potential test to the first key support 1779.25, accompanied by witnessing clear positive signals through stochastic, while the EMA50 meets the mentioned support to add more strength to it.
Therefore, we are waiting for positive trades in the upcoming sessions, and the targets begin by testing 1802.80 again and attempt to breach it to head towards 1831.95, noting that breaking 1779.25 will stop the expected rise and press on the price to achieve additional decline and visit 1755.70 before determining the next destination clearly.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bullish
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