RLinda ! GOLD-> The price is in a bullish trend. What's next?
Gold formed a strong bullish momentum after the release of positive data on consumer inflation in the United States. This fact may positively influence the medium-term dynamics of the markets. Gold updates multi-month highs to 1824.5
The price is trading in an ascending range (price channel). The last few days the gold was in a consolidation between 1807-1765, and yesterday we saw a break-up of the resistance, but a false-break has not happened yet, and the price is still consolidating above 1807.96, which opens a potential upside.
I think that if the gold finally consolidates above the resistance, we might get to 1858 in the middle term.
But, there is also a scenario of a false-break of 1807.96. If there is a consolidation below that level, the gold might make a technical reversal to the channel support.
Regards, R. Linda!
The price is trading in an ascending range (price channel). The last few days the gold was in a consolidation between 1807-1765, and yesterday we saw a break-up of the resistance, but a false-break has not happened yet, and the price is still consolidating above 1807.96, which opens a potential upside.
I think that if the gold finally consolidates above the resistance, we might get to 1858 in the middle term.
But, there is also a scenario of a false-break of 1807.96. If there is a consolidation below that level, the gold might make a technical reversal to the channel support.
Regards, R. Linda!
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