Dear Traders,
Gold has been in a strong daily up trend since the double bottom at 1680, however its worth mentioning that Gold is still bearish on the daily timeframe until a new high is created above 1960 price. It is approaching an area with multiple strong resistances, hence the slow down in price growth. And with the US dollar starting to gain strength, chances are low that price is going to shoot through these strong resistances without any sort of rejection.
I have outlined one possible near future outcomes indicted with arrows on the chart.
Thank you. Like & Subscribe.
Trade Smartly.
Gold has been in a strong daily up trend since the double bottom at 1680, however its worth mentioning that Gold is still bearish on the daily timeframe until a new high is created above 1960 price. It is approaching an area with multiple strong resistances, hence the slow down in price growth. And with the US dollar starting to gain strength, chances are low that price is going to shoot through these strong resistances without any sort of rejection.
I have outlined one possible near future outcomes indicted with arrows on the chart.
Thank you. Like & Subscribe.
Trade Smartly.
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