- /GC is hitting resistance which has been tested several times. Contrary to popular opinion this weakens resistance (or support). Gold is range bound/consolidating on 1h chart which is in a prior 1h uptrend.
/GC is hitting resistance which has been tested several times. Contrary to popular opinion this weakens resistance (or support). Gold is range bound/consolidating on 1h chart which is in a prior 1h uptrend.
current consolidation/range favors upside break out- due to more volatile red candles with longer low wicks and more stable full bodies green candles.
/GC has also broke out of and retested a Bull Flag on the daily. favoring further upside.
conclusion- watch for breakout for intraday trade with target around 1522. Wait for confirmation of a breakout. I could also make an argument for a downside move but I do not feel a downside case is as powerful as an upside case.
As always use your own analysis