Gold rose from $1,225 to a high of $1,270 and is currently trading close to it's high around $1,265. Regardless of the quick gains, Gold remains into bear territory and further depreciation is more likely than a continued buying that would drive prices higher.
First support is seen at $1,252, while first resistance lays at $1,272.
Chart: XAU/USD H1
It formed a doji candlestick on the four-hour time-frame, it will likely move to the downside again.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteVery helpful analysis.
ReplyDeleteWell gold didn't succeed to visit again last week's 13-month high at $1,287.80, but still is beaming.
ReplyDeleteIts really going sideways.
ReplyDeleteHelpful analysis
ReplyDeleteBullish strength might be tested next week.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDelete