Jan 23, 2024
centfx
Gold price gets a negative motive
The gold price continues to consolidate above the 2016.90 level. It is now showing positive stochastic overlaps, and we are watching for a catalyst to push the price past the EMA50, which acts as resistance against intraday trades and pave the way for a rally towards our anticipated target of 2065.70.
As a result, the bullish trend scenario will continue to be relevant and active for the foreseeable future. It should be noted, however, that the price will undergo additional bearish correction if it breaks below 2016.90, with 1977.46 as the next target.
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