Gold seems like having a cup & handle pattern on 1-hour chart, in which the handle is forming at the moment.
If gold manages to go above 1760, gold may head to 1790-1800 level. Details on chart.
Bears definitely try to protect the resistance area 1750-1760 and do not want price above 1760. Meanwhile, bulls are trying to keep price near resistance and hopefully a breakout soon to come.
Bulls maybe able to strike through the resistance because the correction from 1757 seems quite shallow (1742). Yet bulls need minimum 2 daily sessions close above 1755-1760 to gain strength.
Watch today and tomorrow for hints of breaking out. Bears do not like price near 1760 by weekend.
If gold manages to go above 1760, gold may head to 1790-1800 level. Details on chart.
Bears definitely try to protect the resistance area 1750-1760 and do not want price above 1760. Meanwhile, bulls are trying to keep price near resistance and hopefully a breakout soon to come.
Bulls maybe able to strike through the resistance because the correction from 1757 seems quite shallow (1742). Yet bulls need minimum 2 daily sessions close above 1755-1760 to gain strength.
Watch today and tomorrow for hints of breaking out. Bears do not like price near 1760 by weekend.
Trade closed manually:
1786 is good.
