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FX.co ★ Gold continues to respect key long-term support trend line at $1,790-$1,800.

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Forex Analysis:::2022-07-01T20:48:22

Gold continues to respect key long-term support trend line at $1,790-$1,800.

Gold continues to respect key long-term support trend line at $1,790-$1,800.

Red line -support trend line

Gold price broke below $1,800 today but near the end of the sessions bulls have managed to push prices back towards the daily highs and above the key long-term support trend line. Next week will be very important for short-term trend of Gold. Gold is bouncing after touching the major support trend line. Will a new upward move start or is this bounce just a short-term relief bounce? A daily close below $1,795 would be a new bearish signal. Until then bulls continue to have hopes.

Analyst InstaForex
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