Will Gold reverse from 6 months downtrend?
Gold has traded downwards since the end of March, however, what first looked like a break under important 1680 support of a double top pattern seems to be a false break with the price reversing very strongly from the 1615 low (1000 pips above at the time of writing in just a matter of days).
Now the price is trading confortable above this important level and above the 1700 figure and is testing the next important resistance given by this falling trendline.
A break above this trend line could lead to a long-term up trend and expose the 1800 zone.
That being said, I'm bullish as long as support holds.
Now the price is trading confortable above this important level and above the 1700 figure and is testing the next important resistance given by this falling trendline.
A break above this trend line could lead to a long-term up trend and expose the 1800 zone.
That being said, I'm bullish as long as support holds.
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