- 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.
The bullish conditions, including support, are more visible from the hourly chart offering a vantage point to engage from.
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