Gold Macro Analysis - $2400 by July
Gold has been trading in and above the previous ATH zone since April of this year.
Large amounts of seller volume was enough to bring us down to $2300 June 7th; however the zone held.
We've failed to make either a higher high or a lower low during the last week and we're currently in a tighter consolidation on the daily chart.
There's liquidity on both sides, but it's more likely we see a break in the short term downtrend than prices below $2300.
$2375 shouldn't offer much resistance, with $2400 being the next psychological price and previous resistance level.
Large amounts of seller volume was enough to bring us down to $2300 June 7th; however the zone held.
We've failed to make either a higher high or a lower low during the last week and we're currently in a tighter consolidation on the daily chart.
There's liquidity on both sides, but it's more likely we see a break in the short term downtrend than prices below $2300.
$2375 shouldn't offer much resistance, with $2400 being the next psychological price and previous resistance level.
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