Gold’s Sideways Channel Continues – A Quick Update on Signal!

Gold is trading sideways at the 1,779 level, facing immediate resistance at 1,793, along with a support area of 1,764. A bearish...

Gold 4 Hour Timeframe

On Tuesday, the precious metal GOLD is trading with a slight bearish bias on the back of a firmer dollar. The stronger dollar made bullion expensive for holders of other currencies. At the same time, anxieties that the US Federal Reserve will contract its monetary policy earlier than anticipated also bent the metal’s appeal. Gold is seen as a hedge against inflation, though a rate hike will raise the opportunity cost of owning bullion and decrease its appeal.

 

Gold 4 Hour Timeframe

GOLD is trading sideways at the 1,779 level, facing immediate resistance at 1,793, along with a support area of 1,764. A bearish breakout at 1,793 could lead the gold price towards the 1,825 resistance level, while the support level remains at 1,755 and 1,730. The 50 periods EMA suggests a continuation of a bearish bias in gold. However, gold has come closer to the 50 EMA resistance area, at the 1,788 level, and a bullish crossover could extend the selling trend in gold until 1,814. Conversely, the support remains at 1,764. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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