Gold direction unclear just below 1300
Following bounce back from Fibo 61.8 retracement level, gold price climbed back to 1290s again. Now the price is around EMA200 on 4H chart.
I think that this year’s popular resistance band of 1295-1300 shall determine the direction.
(1) If the band is broken upside above 1300, this may confirm that 1355-1260 decline was a retracement of the 1205-1355 up-leg.
(2) If price takes downward reaction from the band, we might think that the trend is downwards and 1260-1295 rise was a retracement of the 1355-1260 down-leg.
Let’s watch the weather wane to see which way the golden wind will blow….
I think that this year’s popular resistance band of 1295-1300 shall determine the direction.
(1) If the band is broken upside above 1300, this may confirm that 1355-1260 decline was a retracement of the 1205-1355 up-leg.
(2) If price takes downward reaction from the band, we might think that the trend is downwards and 1260-1295 rise was a retracement of the 1355-1260 down-leg.
Let’s watch the weather wane to see which way the golden wind will blow….
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.