FXEM - EMPIRE MARKETS - Company New Article

Gold price succeeded in reaching the support of the ascending channel shown on the chart, and according to the rules of trading within the price channels, the price is on its way to build an upward wave during the upcoming sessions to head towards resuming the main upward trend again, but we prefer to remain neutral now until we get a clearer confirmation of the next trend, to monitor the price for the levels of 2731.50 - 2755.00.

We note that breaking 2755.00 will confirm the start of the upward wave and open the way towards visiting the level of 2790.00 as a first main station, while breaking 2731.50 represents the key to starting a bearish correction in the immediate and short term and pushes the price to test the areas of 2708.50 as a first corrective target.

Oil price attempted to break the 73.90 level, providing signals that the price is heading for further bearish correction, as we expect to visit the 72.30 level as a next negative target.

Therefore, we continue to favor the bearish trend for the coming period, taking into account that failure to confirm stability below 73.90 will lead the price to start recovery attempts and head towards testing the 75.53 level before any new attempt to decline.