Resistance zone
In addition to constant bullish performance, today’s advance broke through a potential resistance zone that ended around $ 3,043. A daily close to that price level would offer another piece of bullish evidence for the trend. As soon as a price runs, the next level becomes a potential target. The next higher price zone on the graph shows a potential price target of around $ 3,078. That target is the extensive target of 261.8% for an increasing ABCD pattern that started in November last year. Note that the goal is also around potential resistance near two trend trend channel lines. They can also be viewed because the price level of $ 3,078 is nearby.
Bullish weekly pattern
Regardless of the potential for bullish continuation in the short term, the price of gold is extended and must be expanded for a pullback or rest day or two, if not anymore. It is still to be seen whether an outbreak through the price zone of $ 3,043 will prevail or that resistance will be seen before much more progress is seen. This week is the third consecutive consecutive weekly and higher weekly layer, so that the weekly upward trend is established. Since last week’s high was $ 3.005, a weekly closing price above that high will confirm a breakout of the bull trend on the weekly time frame.
Support levels
Today’s low point of $ 3,023 is short -term support and weekly support is $ 2,982. A movement by one of today’s price levels should help determine the next direction for gold. Rising trend channels are shown on the graph because they can help identify when an active overbought or sold and goals can be. As with many consolidation patterns, there is as soon as the price is rejected from one boundary line of the pattern, the possibility that the price will eventually test the other side. Because the top two rising trend channels upper boundary lines are higher than the current prices, the upper lines become potential goals.
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