Gold has been on a strong bullish run for the past few weeks with a weakening usd. Price has almost hit the 2016 highs but has started to slow momentum on Friday after striking a resistance level around 1256.
I will be using the ascending trend line and the two major zones to determine if the trend will continue for now or maybe we start to see USD retracement and gold dip lower.
Price could create a double top if it fails to break the 1256 zone, breaking the trendline and creating some lower highs and lower lows, I think we should get a retest and a weekly wick fill at some point as price closed around support unless it gaps big like last week.
I will be using the ascending trend line and the two major zones to determine if the trend will continue for now or maybe we start to see USD retracement and gold dip lower.
Price could create a double top if it fails to break the 1256 zone, breaking the trendline and creating some lower highs and lower lows, I think we should get a retest and a weekly wick fill at some point as price closed around support unless it gaps big like last week.
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