Gold price analysis
Gold at the basic level
Gold prices rose on Thursday towards the levels of 3,388 dollars per ounce, thanks to the demand for safe haven, especially after President Trump's negative statements on negotiations with Iran on the nuclear agreement.
The weakness of the US dollar due to the US consumer price inflation data, which came out weaker than expected, also contributed to expectations of the Federal Reserve cutting interest rates, which led to a further rise in the precious metal.
Today we are waiting for the data of the producer price index, which may affect the movements of gold today.
And at the technical level
Gold rose, trying to complete the bat harmonic pattern on the watch frame within an ascending price channel.
From it we can start selling it near the levels of 3,390 / 95 dollars per ounce, targeting the levels of 3,360 at the lower limit of the channel, then the support of 3,350 and finally the levels of 3,330 dollars per ounce at the levels of the uptrend.
This scenario fails if the USD 3,405 levels break upwards, and then we expect a further rise towards the 3,325/30 levels
