GOLD Analysis: Risk aversion supports gold prices

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Technical Analysis of GOLD Daily and Hourly ChartsGOLD Daily Chart Insights

(GOLD Daily Price Chart, Source: Ultima Markets MT4)

• Stochastic oscillator: The indicator sends a bullish signal below the 50 median line, suggesting that the short-term short-selling force has subsided. The current fast line has just crossed the 50 median line, and the gold price is still expected to continue to rise.
• Resistance area: After gold was blocked near the key support price of 2830, the gold price began to rebound and rise. Whether it can be transformed into a trend rise, it is necessary to pay attention to the resistance area near 2920.

GOLD H1 Chart Analysis

(GOLD H1 Price Chart, Source: Ultima Markets MT4)

• Stochastic oscillator: The indicator sends a bearish signal again above the 50 median line, suggesting that the gold price may usher in a downward adjustment trend in the short term.
• Upward trend line: The gold price encountered resistance on the upward trend line during the pressure period, and the previous upward trend may be adjusted. However, there are many support prices below, and the decline in gold prices is limited.

Pivot Indicator Insights for GOLD

(GOLD M30 Price Chart, Source: Ultima Markets APP)

• According to Pivot Indicator in Ultima Markets APP, the central price of the day is established at 2785,
• Bullish Scenario: Bullish sentiment prevails above 2785, first target 2955, second target 3000;
• Bearish Outlook: In a bearish scenario below 2785, first target 2720, second target 2650.

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