Idea on differential consolidation zones
On the 4H chart, I reviewed the latest consolidation ranges following the differential spikes of gold. This week the price began to range between 1300 and 1325. Now a double top formation is beginning to form, but first we need to see that 1325 level not exceeded. If confirmed, we can talk about a possible bounce back to 1300 soon once again. I consider 1300 level as a strong support/resistance level which will call back the price action to itself again. Eventually we will see 1300 in short-to-medium term, the question is: when is right time to sell for this target? Right now or 10-20$ above from here?
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