Gold is facing bullish pressure, potential for a further rise
We caught the bullish move upwards towards our first resistance level at 1875.34, which is in line with our 50% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing high resistance. We remain bullish above our first support level at 1817.72. It is worth noting that the price is now above EMA (55) and the Ichimoku cloud, which shows that the price is still facing strong bullish pressure in line with our analysis.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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