Change of plan for the price of gold.
Currently, gold is testing the confluence support level at 1963, which is the point where the February 2023 high and the lower bound of the channel intersect. Gold bulls will closely watch this critical level, anticipating a rebound and a move towards the 1985 level. Notably, the 1985 level acted as a resistance, preventing higher prices during the period when gold traded sideways between mid-May and mid-June. If prices break and close below 1963, the nearest significant support level is at 1953.
Currently, gold is testing the confluence support level at 1963, which is the point where the February 2023 high and the lower bound of the channel intersect. Gold bulls will closely watch this critical level, anticipating a rebound and a move towards the 1985 level. Notably, the 1985 level acted as a resistance, preventing higher prices during the period when gold traded sideways between mid-May and mid-June. If prices break and close below 1963, the nearest significant support level is at 1953.
Trade closed: target reached:
Good one ✅