XAUUSD approaching Strong Resistance (top) ? Gold historic climb
Updated
As we all know Gold has been in a parabolic climb.
Thus far it has avoided any retrace or corrective moves.
And we all know the price cant just keep going up forever.
Picking tops is tricky and possibly dangerous if shorting.
Risk sentiment may worsen and it could just keep going.
But plotted are three upcoming zones/prices of interest.
1430.65-1431.24 is nearby (but not strong) resistance.
1436.90-1439.22 is a wide zone of strong resistance.
1443.45-1443.55 is a tight zone of very strong res.
Previous Analysis:
$1332 bounce
$1320 top Call
$1270 bounce
$1280 break
$1380 call 4mos ago
.
Thus far it has avoided any retrace or corrective moves.
And we all know the price cant just keep going up forever.
Picking tops is tricky and possibly dangerous if shorting.
Risk sentiment may worsen and it could just keep going.
But plotted are three upcoming zones/prices of interest.
1430.65-1431.24 is nearby (but not strong) resistance.
1436.90-1439.22 is a wide zone of strong resistance.
1443.45-1443.55 is a tight zone of very strong res.
Previous Analysis:
$1332 bounce
$1320 top Call
$1270 bounce
$1280 break
$1380 call 4mos ago
.
Note
Here we are, right up against the fist serious resistance .
Note
Nice Ping on top boundary of zone .
Note
looking at the reaction under a Microscope: .
Note
So that 1439 top proved important.Now I am looking at retrace possbilities
That would be an extremely bullish retrace (if we even get that, this still looks strong)
.
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