Okay, so gold has been confined in the triangle for almost 1 month. It constantly made lower
highs and higher lows!!! And 1670-1685 region holds some strong support as price tested this region so many times but always made recovery from there. Also, 1610-1615 region is tested too many times also.
It is clear that if this triangle breaks above then first resistance will be provided at 1720 and it's also possible that market may remain stable at this point for sometime before breaking above or lower.
Also, we are stuck in the 1740-1670 range too. So, if 1720 breaks and 1740 breaks too then we may see a movement of about 40-50 USD upward and if prices breaches 1670 then we may see 40-50 USD movement downwards.
However, we are still more biased towards upward breakout because GOLD is still in bullish territory a little stretched upward but as I said earlier " GOLD is HIGHLY BULLISH!!!!".
But we will not get into any swing trade till we get a breakout. Also, there may be a breakout upward and prices may hover at 1720 for sometime. If, prices breaks above 1720 and gets stable then only we can go long because 1720 is strong resistance too.
Till, then we will KEEP CALM AND TRADE OTHER CURRENCIES... :)
If you like this analysis then drop a like and comment what do you think about gold?
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highs and higher lows!!! And 1670-1685 region holds some strong support as price tested this region so many times but always made recovery from there. Also, 1610-1615 region is tested too many times also.
It is clear that if this triangle breaks above then first resistance will be provided at 1720 and it's also possible that market may remain stable at this point for sometime before breaking above or lower.
Also, we are stuck in the 1740-1670 range too. So, if 1720 breaks and 1740 breaks too then we may see a movement of about 40-50 USD upward and if prices breaches 1670 then we may see 40-50 USD movement downwards.
However, we are still more biased towards upward breakout because GOLD is still in bullish territory a little stretched upward but as I said earlier " GOLD is HIGHLY BULLISH!!!!".
But we will not get into any swing trade till we get a breakout. Also, there may be a breakout upward and prices may hover at 1720 for sometime. If, prices breaks above 1720 and gets stable then only we can go long because 1720 is strong resistance too.
Till, then we will KEEP CALM AND TRADE OTHER CURRENCIES... :)
If you like this analysis then drop a like and comment what do you think about gold?
FOLLOW ME FOR MORE UPDATES ON XAUUSD :)