Although the price went past the resistance at 1750, the and momentum haven’t been able to support further climb. But notice the buying support at 1736(2) was strong. Until a real break occurs, the range will now be widened to 1736-455.
The pattern is still under development on the . The price may still need some time to accumulate buying momentum in order for it to escape the “sensitive zone” between 1750-60. As mentioned earlier, as the price has returned to the level above 1720, it should take 1-2 weeks to break the “neckline”. This week will be critical, if the price can’t break the resistance of 1750, it will need to consolidate before the next price movement, then the gold will enter a M-T range-bound of 1680-1750.
Market Price: 1744
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