Gold and Technical Analysis
Gold prices are attempting to rebound today near the $4,700 level despite growing concerns about the durability of the ceasefire between the United States and Iran.
Technically, prices rebounded after retesting the broken downtrend line on the four-hour chart as well as the lower boundary of the ascending price channel.
The current outlook is for an uptrend, targeting $4,820, then $4,940, and finally $5,035 per ounce.
This scenario would fail if prices break below $4,670.
