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Gold Report | Channel Resistance Ahead | METALS

Published: 26.02.2024
by Joseph Jeffriess

Hi, traders! Join us for today’s market update focusing on gold’s daily chart. Despite a strong session to close last week, gold encountered resistance at its price channel.

Will this channel dictate a reversal back to its lower levels, or are we poised for a breakout signalling further bullish momentum? Stay tuned for insights into the potential direction of this precious metal.

Today’s focus: GOLD

Pattern – Channel Test
Support – 2023 – 2020
Resistance – 2035.80 – 2055.60

Analysing Gold’s Moves: Channel Test and Market Outlook

The USD could play a role in this picture. Currently, it is fought back from a piercing low, but is that a true sign of demand or just a short-term bleep before sellers start a new push?

Good trading.

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