Gold prices settled on Thursday near the levels of 2645 dollars per ounce, after a sharp decline at the beginning of the week, in light of the scarcity of US data due to the US bank holiday today.

The ceasefire agreement between Lebanon and the entity has reduced tensions and reduced the demand for Safe Haven, and gold tends to trade sideways currently between ups and downs.

Technically: -

gold is now trading inside an ascending price channel on the expected hour frame, from which it is possible to think about selling the precious metal with a small risk, especially if any price action appears from the upper limit of the channel near the levels of 2665/70 dollars.

As for if it breaks higher, which is our favorite scenario, then gold will be a candidate for further ascent towards the levels of 2690 and then 2705 and around, completing the bat harmonic model on the clock frame, which is near the levels of retesting the broken uptrend.

The sale fails after the completion of the harmonic model in the event that gold breaks through the levels of 2722 dollars upwards.