Categories: Business & Economy

Gold loses price as it retreats past the top of channel resistance.

Gold prices hit a high of $4059.31 today, pushing towards the upper channel trendline which is currently crossing nearly $4070 and its trend is increasing. Earlier in the session, the market briefly tested this upper limit but failed to breach it, causing a slight pullback. This move highlights the importance of this channel’s resistance as a short-term hurdle for buyers trying to extend the uptrend.

On the other hand, the lower channel trend linewhich is now coming towards $4009 and is also on the rise, is the first area of ​​defense for buyers. If sellers take profits and manage to push the price below this line, it would represent a small but significant victory in what has otherwise been a steady uptrend. That said, as long as the market remains above the lower trendline, buyers remain in firm control and the bullish momentum could easily accelerate in the event of another upward push.

In trending markets, overbought conditions alone are not enough to reverse the bias. Sellers must win a one-on-one battle key technical level to move the story. A breakout and sustained move below the lower channel line would give confidence to sellers and force buyers to pause. However, until this happens, the trend remains firmly in the hands of the bulls, with bullish momentum continuing to dominate.

Source link

Michael Johnson

Recent Posts

Bihar CM Nitish Kumar transfers ₹456 crore to 6.51 lakh flood-affected families

Bihar Chief Minister Nitish Kumar on Wednesday transferred over Rs 456 crore directly to the bank accounts of over 6.51…

49 seconds ago

Canadian Prime Minister Carney says there will be bilateral agreements alongside the USMCA

High Risk Warning: Foreign exchange trading involves a high level of risk which may not be suitable for all investors.…

2 minutes ago

Sources: Jack Eichel and Golden Knights reach 8-year extension

Jack Eichel and the Vegas Golden Knights have agreed to an eight-year extension worth an average annual value of $13.5…

3 minutes ago

Discord claims 70,000 users may have had their government credentials leaked in violation

Following last week's announcement regarding a security incident involving a third-party customer service provider, we want to address inaccurate claims…

8 minutes ago

Tufts student accused of breaking Boston police officer’s nose at pro-Palestinian rally held on $10,000 bail

Tufts University student accused of breaking Boston police officer's nose during police attack violent pro-Palestinian demonstration was ordered held Wednesday…

11 minutes ago

Senate Democrats to force war powers vote to block Trump’s strikes on alleged drug ships

Washington — Senate Democrats plan to force a vote Wednesday under the War Powers Act aimed at blocking continued U.S.…

13 minutes ago