Gold price returns to the bearish channel – Analysis - 17-01-2024
Economies.com
2024-01-17 04:38AM UTC
Gold price confirmed breaking 2037.50 level and settled inside the intraday bearish channel again, to reactivate the bearish trend scenario on the intraday basis, waiting to test 2016.90 initially, noting that breaking this level will confirm extending the correctional bearish wave to reach 1977.46 as a next main station.
Therefore, we expect to witness more decline in the upcoming sessions supported by moving below the EMA50, noting that breaching 2040.00 will stop the negative scenario and push the price to test 2065.70 initially.
The expected trading range for today is between 2000.00 support and 2035.00 resistance.
The expected trend for today: Bearish
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