Gold shows us a stronger bullish behavior in the market. The price pullback to 1765, to the 0.5 Fibo level and the consolidation above the level, in the long zone, shows us a bullish mood.
The price is in an ascending price channel and yesterday the gold consolidated after the false breakdown of 1765. The consolidation was between 1768-1778, and the subsequent break-down of the resistance tells us about the future direction. There is a potential upside to 1807.96 and then to 1858.
I expect a final consolidation above the Fibo level of 0.618 (1778.489) and a subsequent rise in price.
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.