Gold Price Action Analysis 01/02/2021
we can see an ascending channel and supply and demand zones
i am mostly bearish on gold to 1750 or even 1550 but as we can see the price is trying to break trough the lower bound of the ascending channel and if broken there exist a support line at 1794 which can be a range zone
the other scenario is having a bullish view and we have the rejection and bounce from the same area as it is currently and directs to specified zone by the red line which is Fibonacci projection of 1
please comment your view
i am mostly bearish on gold to 1750 or even 1550 but as we can see the price is trying to break trough the lower bound of the ascending channel and if broken there exist a support line at 1794 which can be a range zone
the other scenario is having a bullish view and we have the rejection and bounce from the same area as it is currently and directs to specified zone by the red line which is Fibonacci projection of 1
please comment your view
Comment:
1689 Support seems to standing
Trade active:
the Gold Price has fallen to its critical support level. if it stands it should shoot to the higher level and create new ATH
