Resistance at 1800

25 בדצמ׳ 2022

For the 4th week Gold has attempted to break above 1800 and has yet again been met with resistance. The week started with a push to the upside which broke the 1800 psychological level on Tuesday with price reaching its peak on Wednesday around 1823. A rude awakening for the buyers followed on Thursday with a sharp turn that sent the price back below 1800 closing the week with a 3rd doji on the weekly timeframe. Should selling pressure remain at the level and we begin to see Dollar strength in the market in the near future, the short term narrative for gold may be negative.