Gold- Tight range to determine future direction
Updated
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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