Gold started a bullish wave recently. Establishing higher lows structure. However it is facing a key potential resistance area:
So what's possible?
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- The completion of ABCD Strcuture at the 1.27 extension level
- A horizontal resistance(previous swing high) at 1170.00
- The 200-days SMA is few bucks above at 1176.00
So what's possible?
- The PRZ among 1170-1176 could provide short term short positions with targets at 1157 and 1138
- A breakout above 1176 with daily closing would suggest further upside with first target at 1205 . Second target at 1224.
My Best Regards
Technician
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