What's up guys?
In today's analysis we can see gold at a pretty decisive point. After a failed attempt to break the bearish channel resistance (red lines) in the month of January, gold returned to the channel and quickly plummeted to the $1680 levels, thus breaking an important support at $1750.
Gold is currently trading at the 1730$ level, in the last hours trying to recover with a brief rise.
Gold will need to break and hold above $1750 for the bulls to take bullish control.
Conversely, if it stays below $1750 for a long time, a drop towards $1680 and $1650 could probably come.
Key points:
Resistance - $1750
Support - $1680
Important
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.