Mihai_Iacob

Gold under a cluster of resistances

OANDA:XAUUSD   Spot Altın/ABD Doları
In yesterday's post, I said that my bias for Gold is still bullish, however, confirmation is needed to consider a higher low in place.
Yesterday, after a double touch of 1930 short-term resistance, XauUsd consolidated and stayed in the middle of the newly formed range.
As we can see the the posted chart, we are still under resistance and, in fact, the price is under a very important level between 1930 and 1935, given by the falling trend line and 2 important horizontal levels.
A break above this level could trigger a lot of stop losses and we could have acceleration to 1980 in such an instance.
On the other hand, a break under the recent low could lead to further losses toward the 1870 low with interim support at the 1900 zone.

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