GOLD outlook for the coming week.
Gold has been playing in a tight range past 11 days.
The price is creating higher high and higher lows in an Ascending channel on the D1 chart.
Gold is still bullish until we break and close below 1750-1735 zone. However we have a swing high formation on the weekly chart which is indicating that we could be heading lower. A drop below 1735 will open up 1670.
For now look out for how price reacts at around 1750 area, if this 1750 area holds we are likely to go sideways into a pennent. If the ascending channel holds and we do not drop and close below 1760 we are likely to test 1797, 1805, 1813 and 1835.
The price is creating higher high and higher lows in an Ascending channel on the D1 chart.
Gold is still bullish until we break and close below 1750-1735 zone. However we have a swing high formation on the weekly chart which is indicating that we could be heading lower. A drop below 1735 will open up 1670.
For now look out for how price reacts at around 1750 area, if this 1750 area holds we are likely to go sideways into a pennent. If the ascending channel holds and we do not drop and close below 1760 we are likely to test 1797, 1805, 1813 and 1835.
