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16.04.202118:15 Forex Analysis & Reviews: Gold price continues higher approaching our first target area

Gold price gave us two bullish signals yesterday. The first one was when price broke above the short-term trend line resistance at $1,746 and the second one and most important one was when price broke above $1,758 major horizontal resistance.

Exchange Rates 16.04.2021 analysis

Green lines - medium-term bearish channel

Red line- Fibonacci expansion targets

Gold price is trading above $1,770 and is approaching our first target area of $1,788-$1,800. Since Gold price double bottomed at $1,677 and recaptured $1,730, we have been talking about the possibility that price will make a bigger bounce towards the upper channel boundary. Gold price seems to be following this scenario. This scenario could unfold into a bigger move higher specially if price breaks above $1,800-$1,820 and does not fall below $1,730 again. New all time highs are a possibility that should not be ignored.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

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Analista del: Alexandros Yfantis
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