To understand what is happening with Gold it is always important to look at the higher time frames to establish where we are with the price action.
Gold is playing within a larger range of 1959.33 - 1676.69
You can see on the chart that the price is currently around the equilibrium of this range.
WHAT TO LOOK OUT FOR?
The zone of 1808-1843 is now key to establishing long term direction.
We could enter the zone and range within it before the price decides on a direction.
Break above and retest will set up for a long term bullish trend and the price is likely to break out of the larger range to the upside.
Rejection from this zone could result in price dropping and breaking out of the larger range to the downside.
WHAT'S OUR BIAS?
We are bullish on Gold, taking into consideration all the fundamentals and seasonality we are expecting the price to resume its bullish trend.
A price drop and a D1 candle body close below 1750 will negate the bullish outlook.
Gold is playing within a larger range of 1959.33 - 1676.69
You can see on the chart that the price is currently around the equilibrium of this range.
WHAT TO LOOK OUT FOR?
The zone of 1808-1843 is now key to establishing long term direction.
We could enter the zone and range within it before the price decides on a direction.
Break above and retest will set up for a long term bullish trend and the price is likely to break out of the larger range to the upside.
Rejection from this zone could result in price dropping and breaking out of the larger range to the downside.
WHAT'S OUR BIAS?
We are bullish on Gold, taking into consideration all the fundamentals and seasonality we are expecting the price to resume its bullish trend.
A price drop and a D1 candle body close below 1750 will negate the bullish outlook.