The gold as in the Weekly chart shows no sign of an end to the depreciation which has taken place for close to 4 months now.
Since the price has reached its lowest at 1211.5, it fell into a range, formed higher highs which created a rising trendline, but got repeatedly resisted at 1235 - an ascending triangle.
The rising trendline was however broken below yesterday after dollar has surged, causing gold to turn bearish again, and a sign of an end to its retracement.
Usually, in such cases, the price is very likely to retrace back to the broken rising trendline to find important supply zones in order to trigger a stronger volatility.
Do take cautious of the upcoming U.S. Advance GDP.
Since the price has reached its lowest at 1211.5, it fell into a range, formed higher highs which created a rising trendline, but got repeatedly resisted at 1235 - an ascending triangle.
The rising trendline was however broken below yesterday after dollar has surged, causing gold to turn bearish again, and a sign of an end to its retracement.
Usually, in such cases, the price is very likely to retrace back to the broken rising trendline to find important supply zones in order to trigger a stronger volatility.
Do take cautious of the upcoming U.S. Advance GDP.