Retains channel outbreak
Note that there is a higher daily layer today and that support for the past two days was an earlier top trend channel line (purple). That line is the top of a long -term channel from February 2024. Signs of support with an earlier resistance line is a sign of reinforcement.
Nevertheless, what happens next is, it’s about. Has the breakout of the bull channel been sustained or is followed by a decline back in the channel. There is also a smaller emerging parallel Trendkanaal (Blauw) on the resistance of the map marked on Tuesday’s High. That high completed a retracement of 261.8% of the Bearish correction started in the second half of February at $ 3,153.
Above $ 3,153 is $ 3,170
Especially if gold can remain above the upper purple channel line, it has the chance to continue to higher potential goals. Above the retracement level of 261.8% is a small target range of $ 3,170 to $ 3,177, consisting of the 250% Retracement of the fall in October 2024 and the initial goal of an increasing ABCD pattern, respectively.
Beerarish Shooting Start -Triggers under $ 3,101
On the other hand, a drop below the low point of Wednesday $ 3,108 will endanger the low point of $ 3,101 to fail. Gold would be under the upper channel line again and will probably be on its way to a test of support around the earlier Pivot around $ 3,077, and the recent high at $ 3,058. Further on, potential support is on the 20-day MA, now at $ 3,012.
Look for a look in all the economic events of today Economic calendar.