Gold price faces solid support – Analysis - 12-01-2024

Gold price attempted to break 2016.90 support line but it bounced bullishly from there to approach the minor bearish channel’s resistance, noticing that the EMA50 meets this resistance to add more strength to it, waiting to resume the bearish wave that its targets begin by breaking the mentioned support to confirm extending the correctional bearish wave, as our next target is located at 1977.46.

On the other hand, we should note that breaching the minor resistance 2041.00 will stop the expected decline and push the price to achieve additional gains that reach 2065.70 before any new attempt to decline.

The expected trading range for today is between 2010.00 support and 2045.00 resistance.

The expected trend for today: Bearish