- Gold has been stuck within a narrow trading range since the end of the previous week - 1220 Level acting as strong support - 1225 level acting as strong resistance
- We have seen all 3 EMA's make bullish crossovers recently - Most importantly the 100/200 EMA made a bullish cross -Price still holding above all 3 EMA's
TWO SCENARIOS: 1. Break through 1225 resistance, would need to see a solid close above this level and the descending trendline mentioned in my previous analysis here: 2. Break through 1220 Support, would need to see a solid close below this level to confirm a correction/bearish trend change is in place
THIS IS NOT A TRADE CALL NOR TRADE ADVICE
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- Broken the 1225 resistance again - Need to see a solid close above previous "false break" as well as descending trend-line to justify entering a long position