GC is nearing the 1800.0 resistant level (line A), which was the high pivot back in 2012.
Price had been in a trading range (between line B and C), and recently on June 23rd price broke above the upper line B, but with lower volume than the previous day. The next day June 24th price closed lower than the opening, back below line B. This might indicate a false breakout.
If in the coming days price retest the high of the June 24th, with lower volume wave (wave 2 lower than wave 1 on the Weiss chart below), this will confirm the failed breakout (a.k.a upthrust), and price might move lower. Similar setup is also forming in XAUUSD spot forex chart.
Trade at your own risk.
Price had been in a trading range (between line B and C), and recently on June 23rd price broke above the upper line B, but with lower volume than the previous day. The next day June 24th price closed lower than the opening, back below line B. This might indicate a false breakout.
If in the coming days price retest the high of the June 24th, with lower volume wave (wave 2 lower than wave 1 on the Weiss chart below), this will confirm the failed breakout (a.k.a upthrust), and price might move lower. Similar setup is also forming in XAUUSD spot forex chart.
Trade at your own risk.