JStanleyFX

Gold bull flag breakout goes overbought on daily

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold spent nine months in a bearish channel making up the bull flag formation.

That gave way last week, Gold broke above a big level of confluence around 1860 and has just continued to run.

This morning saw the 1900 level come into play, and now bulls facing a bit of pressure.

Pullback potential here with RSI going heavy overbought, that prior spot of resistance ~1860 becomes support potential.

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