On both the weekly and Daily chart, Gold still shows a downward trend, however, the lowest low was in December of 2015 and was not broken by the higher low just this December of 2016. Could this be the swing toward a rally of sorts? Hard to say at this point.
However, on a more local scale. Gold may test the 1212 S/R area. I would look for clear breaks or retracement to make a clear determination of where in might go this coming week.
If it does break 1212, then the next logical resistance line is at 1255, which is also coincident with the 61.8% Fib Line. Good luck to you all.
However, on a more local scale. Gold may test the 1212 S/R area. I would look for clear breaks or retracement to make a clear determination of where in might go this coming week.
If it does break 1212, then the next logical resistance line is at 1255, which is also coincident with the 61.8% Fib Line. Good luck to you all.
Comment:
It looks like Gold was not able to continue the upward momentum and has now passed below the 38.2% fib line. The day chart still shows a downward move, I will look for clear price action in the UK/US hours and will open a short entry if there is good indication of the downward trend.