Gold has been rising within a 1.5-month rising channel and the top of the channel was somewhat breached earlier this week.
However, gold struggled to make another jump as it was actually resisted at the top of another rising channel that's channeling out of the 1.5-month channel.
By now, it is obvious that the gold is currently in the process of consolidation, and based on what we've seen, it is very likely that the price will take a little dive before it shoots back up just like a person diving into the bottom of a pool and resurfaces.
We can still consider buying some on every pullback but we now target 1856 as the best price to buy.
However, gold struggled to make another jump as it was actually resisted at the top of another rising channel that's channeling out of the 1.5-month channel.
By now, it is obvious that the gold is currently in the process of consolidation, and based on what we've seen, it is very likely that the price will take a little dive before it shoots back up just like a person diving into the bottom of a pool and resurfaces.
We can still consider buying some on every pullback but we now target 1856 as the best price to buy.
