After reaching the very important 1780-1790 resistance zone, Gold had fallen but, instead of reaching 1740 support as I expected, found bids higher at 1755.
After this initial drop, the price started to consolidate between 1755-1770.
At this moment, from my point of view, things are pretty clear:
1. A break above the upper boundary of the range would expose the previous top, but more importantly will give a bullish bias for the coming days
2. A break under 1755 would lead to continuation to 1740 support, but more importantly would signal 1785 as an important top and 1780-1790 as very important resistance and could lead to a new test of 1680
After this initial drop, the price started to consolidate between 1755-1770.
At this moment, from my point of view, things are pretty clear:
1. A break above the upper boundary of the range would expose the previous top, but more importantly will give a bullish bias for the coming days
2. A break under 1755 would lead to continuation to 1740 support, but more importantly would signal 1785 as an important top and 1780-1790 as very important resistance and could lead to a new test of 1680
Note
Gold is trading at 1780 and it seems that 1780-1800 zone will be cleared in the next days
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.