Gold- Bullish or bearish in medium term?
Gold finished the year strong and at the top of December's range around 1830 resistance.
In normal market conditions, I would have said, BULLISH, but considering that most of the gains and the break above 1810 resistance were made in the last trading days on very thin liquidity, I'm reserved for now.
Strictly technically we have a break above resistance at 1810 and now the price is facing the very important 1830 resistance. A break here on normal volume would shift my perspective from bearish to bullish and would call for further gains above 1900 in the medium term.
On the other hand, a drop back under 1810 would reinforce my bearish perspective.
For now my approach is wait and see
In normal market conditions, I would have said, BULLISH, but considering that most of the gains and the break above 1810 resistance were made in the last trading days on very thin liquidity, I'm reserved for now.
Strictly technically we have a break above resistance at 1810 and now the price is facing the very important 1830 resistance. A break here on normal volume would shift my perspective from bearish to bullish and would call for further gains above 1900 in the medium term.
On the other hand, a drop back under 1810 would reinforce my bearish perspective.
For now my approach is wait and see
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