Technical analysis of GOLD 01/08/2021
Gold on the daily chart broke through the psychological level of 1900 (MA100) and found resistance at 1960.00, a little short of the head and shoulders pattern formation in the area of 1975.00. At the moment, the price is consolidating around the lower line of the ascending channel at 1900.00.
If the price does not go below the lower line of the ascending channel and the zone of the level of 1900.00, then this will give grounds to assume the resumption and development of the upward movement within the “Head and Shoulders” pattern with the target in the area of 1975.00.
Created by Joshua Hayn