GOLD → Trading inside the range 2050 - 2075

Updated

has been strengthening since the opening of the session. Friday's sell-offs formed local support at 2050 (retest) after which a new range is likely to be formed.

For gold we have a favorable fundamental background, which may have a positive impact on the price. While the is declining, the gold is testing new highs.
As there are a few days left before the New Year holidays, liquidity in the market is decreasing. Against this background, the price may end the trading session within the existing range of 2050 - 2075. I would advise to focus on the range trading strategy. On the chart we can see the key support lines: (rising line, 2055, 2051, 2050). There is a chance that the price may test these lines.
The level of 2062, 2069, 2075 plays the role of key resistance.

Pay attention to the schedule of your broker, so as not to open trades before the closing of the trading session. The volumes on the market are decreasing and in all likelihood the price may get stuck in the mentioned range. On Thursday, strong news is published, but until that day, gold may trade inside 2075 - 2050.

Regards R. Linda!

Note

Strong consolidation in the ascending triangle pattern format.
Everything looks very nice.
A break of 2069 resistance will form a strong impulse to 2075-2100.

Trade active

Resistance breakthrough
Triangle pattern realization
Impulse 150 pips

At the moment correction is forming, support retest is possible before further growth

RLinda

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