GOLD - Range bound, which way will we break?
- Gold has been stuck within a narrow trading range since the end of the previous week
- 1220 Level acting as strong support
- 1225 level acting as strong resistance
- We have seen all 3 EMA's make bullish crossovers recently
- Most importantly the 100/200 EMA made a bullish cross
-Price still holding above all 3 EMA's
TWO SCENARIOS:
1. Break through 1225 resistance, would need to see a solid close above this level and the descending trendline mentioned in my previous analysis here:
2. Break through 1220 Support, would need to see a solid close below this level to confirm a correction/bearish trend change is in place
THIS IS NOT A TRADE CALL NOR TRADE ADVICE
- 1220 Level acting as strong support
- 1225 level acting as strong resistance
- We have seen all 3 EMA's make bullish crossovers recently
- Most importantly the 100/200 EMA made a bullish cross
-Price still holding above all 3 EMA's
TWO SCENARIOS:
1. Break through 1225 resistance, would need to see a solid close above this level and the descending trendline mentioned in my previous analysis here:
THIS IS NOT A TRADE CALL NOR TRADE ADVICE
- Need to see a solid close above previous "false break" as well as descending trend-line to justify entering a long position