Gold Price Recovers a Major Support Level Targeting $1830 Level
As for entering the year 2022, we witnessed at its beginning a rapid recovery in the price of gold and it almost recovered during its previous peak, to retreat from it later and enter into another deep bearish trend in which the gold price lost 22% of its value as it reached the bottom of the descending channel shown on the weekly chart. At the begging of November, Gold was able breakout the channel and restored the major support level of 1756 dollars and the EMA-25.
Gold is currently trading at key levels. As the gold price approaches the resistance of the EMA-100, it reaches the EMA-50. While stability and closing above the EMA-100 may allow the gold price to reclaim the levels of $1879-1832 (green shaded area), the $98 level is also a bullish target.
However, a pullback below the $1756 support level and failing to hold above it may invalidate the prior bullish premise, causing the gold price to resume its decline towards the $1682-1616 levels (dotted shaded in red).
Gold is currently trading at key levels. As the gold price approaches the resistance of the EMA-100, it reaches the EMA-50. While stability and closing above the EMA-100 may allow the gold price to reclaim the levels of $1879-1832 (green shaded area), the $98 level is also a bullish target.
However, a pullback below the $1756 support level and failing to hold above it may invalidate the prior bullish premise, causing the gold price to resume its decline towards the $1682-1616 levels (dotted shaded in red).
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