Gold Price Analysis: The bullish conditions improve, eyes on $1,760

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 consolidati  |  03/03/2021 02:00
  • 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. 

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