If gold can close above 50 day ema and 1761 resistance area i think future is bright.
One should not forgot that technical analysis is just 1 part of the invesment decision.
Especially when it comes to gold since its affected by many things such as rates and inflation.
Right now fed claims that there is no inflation to worry about nor need to increase interest rates. Therefore gold has some room to grow.
If gold price can close above 1761-1765 area couple candlestick in daily chart i think price can move to the 100-200 ema around 1790.
If breakout to the upside occur, one should expect to price rise even more to the 1838 area.
Volume is also important. Central banks seems to stop buying huge amount of golds and that is bad for bullish price action.
Also we cant be sure if US bond rate rally is stopped or not. I think bond rate can and will rise more in couple of months. Therefore gold got, at most, couple months to rise.
After that inflation fear will cause another sell frenzy for Us bond which will cause increase in rates.
Gold is bullish if it can close above 1761-65 area. So watch closely.
One should not forgot that technical analysis is just 1 part of the invesment decision.
Especially when it comes to gold since its affected by many things such as rates and inflation.
Right now fed claims that there is no inflation to worry about nor need to increase interest rates. Therefore gold has some room to grow.
If gold price can close above 1761-1765 area couple candlestick in daily chart i think price can move to the 100-200 ema around 1790.
If breakout to the upside occur, one should expect to price rise even more to the 1838 area.
Volume is also important. Central banks seems to stop buying huge amount of golds and that is bad for bullish price action.
Also we cant be sure if US bond rate rally is stopped or not. I think bond rate can and will rise more in couple of months. Therefore gold got, at most, couple months to rise.
After that inflation fear will cause another sell frenzy for Us bond which will cause increase in rates.
Gold is bullish if it can close above 1761-65 area. So watch closely.