For the past two weeks, Gold was pretty tricky, bouncing up and down, with no clear direction.
Looking at the chart we could see that, in fact, the price is stuck in a range between 1940 and 1980 and as long as these levels are intact, the medium-term direction is not clear.
Yesterday, Gold reversed exactly from the level of support and managed to close above important 1950-1955 zone.
However, as said, clarification for bulls comes only with a daily close above 1980.
On the other hand, the price is still under the falling trend line that started in May, but also here things become clear only with a break under support.
In conclusion, as long as these levels are intact, wait and see is the best approach for swing traders.
Looking at the chart we could see that, in fact, the price is stuck in a range between 1940 and 1980 and as long as these levels are intact, the medium-term direction is not clear.
Yesterday, Gold reversed exactly from the level of support and managed to close above important 1950-1955 zone.
However, as said, clarification for bulls comes only with a daily close above 1980.
On the other hand, the price is still under the falling trend line that started in May, but also here things become clear only with a break under support.
In conclusion, as long as these levels are intact, wait and see is the best approach for swing traders.
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As long as the price is above this support a new rise to 1980 is probable