Gold has fallen from OUR Identified Resistance zone on a 30-minute time frame. The resistance zone was given in our analysis on the 6th of January. The price has moved sharply from its resistance zone and it is trading below its downward trend line and within the downward channel as well. However, it is important to note that the price is still trading above its long-term trend line and as long as it stays above this trend line, the bias remains towards the upside.
The RSI is trading in line with the price action which means that the bias is toward the upside.
Important levels
Resistance Zone
- 1223-1220
Support Zone
- 1189-1186
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam