Gold Price Threatens Channel Resistance
The price of gold threatens channel resistance as it extends the series of higher highs and lows carried over from last week.
Gold Price Outlook
The price of gold appears to be breaking out of the descending channel from earlier this year as it trades back above the 50-Day SMA ($1932), with a close above $1937 (38.2% Fibonacci extension) raising the scope for a test of the monthly high ($1953).
Next area of interest comes in the August high ($1966), but failure to hold above the moving average may push the price of gold back within the descending channel, with a breach below the monthly low ($1906) bringing the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region back on the radar.
Gold Price Outlook
The price of gold appears to be breaking out of the descending channel from earlier this year as it trades back above the 50-Day SMA ($1932), with a close above $1937 (38.2% Fibonacci extension) raising the scope for a test of the monthly high ($1953).
Next area of interest comes in the August high ($1966), but failure to hold above the moving average may push the price of gold back within the descending channel, with a breach below the monthly low ($1906) bringing the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region back on the radar.
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