Good morning investor friends!
Gold continues to hover around the price of $1730 and recovering from the low of $1680 on March 8. However, this can only be considered a rebound. Above is the ceiling of $ 1750 and probably will not be able to break it, generating a bearish rejection.
The price is still below the trend line of the bearish channel (red line). The bulls need to break this resistance and the $1750 price to have a chance to recover.
For the bears this is just a brief correction. The most likely scenario in my view is a rejection at the top of the channel and then a break below $1700-1680, taking the price to lows at $1640.
Key points
Bearish trend line - red line
Resistance at $1750 - yellow line
Support at $1680 - blue line
We must be patient and wait for price action. A rejection at the price of $1750 would be a good opportunity for a sell entry. As well as a break of the 1680$ support.
Greetings friends!
Important
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.