Gold price negotiates the resistance – Analysis - 01-08-2022
Gold price settles at the main bearish channel’s resistance and finds difficulty to breach it, which makes us prefer to stay temporarily until we get clearer signal for the next trend, which we will get through breaching the mentioned resistance -located now at 1767.70- or breaking 1755.70 support.
The contradiction between the technical indicators provides another reason for neutrality, noting that breaching the mentioned resistance will push the price to achieve additional gains that start at 1779.25 and extend to 1800.00, while breaking the support represents the key to resume the main bearish wave and head to achieve negative targets that start at 1726.60.
The expected trading range for today is between 1740.00 support and 1780.00 resistance.
The expected trend for today: Neutral
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