Gold Price Analysis: The bullish conditions improve, eyes on $1,760
- Gold prices are moving higher with $1,760 on the radar.
- The hourly charts are offering a fresh support structure.
Further to the earlier analysis, Gold Price Analysis: Bulls to take control to $1,760 to complete bearish 4-hour W-formation, the price is consolidating at new hourly support structure from where an upside extension is probable.
Prior analysis, 4-hour chart
''The $1,760s are back on the cards, yet to be confirmed from the 4-hour chart:
The upside is expected, however, as the MACD turns less negative and the 10 SMA approaches the 21 SMA.
In doing so, there will be a completion of a bearish W-formation on the 4-hour chart as the price meets resistance.''
Live market, 4-hour chart
As seen, the MACD is turning less negative as it crosses above the signal line.
The SMAs are less negative as price tests that 21-SMA.
We also have fresh support which would be expected to hold and see the price continue higher towards the target.
1-hour chart
The bullish conditions, including support, are more visible from the hourly chart offering a vantage point to engage from.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
