Gold- bulls are losing power- correction could follow
After the strong reversal from 1680 support and a break above 1720 resistance, bulls seemed to have lost their power and the gains are marginal and contained in a tight channel.
The price of Gold is approaching 1750-1755 strong resistance and I expect this level to hold, at least for now.
A correction at this point is highly probable and I will try to sell rallies towards the up-mentioned zone.
The price could fall to at least 1720 and, on the other hand, a strong and sustained break above resistance would negate this scenario.
The price of Gold is approaching 1750-1755 strong resistance and I expect this level to hold, at least for now.
A correction at this point is highly probable and I will try to sell rallies towards the up-mentioned zone.
The price could fall to at least 1720 and, on the other hand, a strong and sustained break above resistance would negate this scenario.
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