Gold direction unclear just below 1300

FX:XAUUSD   Gold Spot / U.S. Dollar
Following bounce back from Fibo 61.8 retracement level, gold price climbed back to 1290s again. Now the price is around EMA200 on 4H chart.
I think that this year’s popular resistance band of 1295-1300 shall determine the direction.
(1) If the band is broken upside above 1300, this may confirm that 1355-1260 decline was a retracement of the 1205-1355 up-leg.
(2) If price takes downward reaction from the band, we might think that the trend is downwards and 1260-1295 rise was a retracement of the 1355-1260 down-leg.

Let’s watch the weather wane to see which way the golden wind will blow….
Up confirmed?
Everything what you say looks reasonable.
@fhsk2001, Yes, this has been a been "wait-and-see" week:))) Direction still uncertain...
watching ur all charts..
art work is nice lol
Thanks for the awesome analysis
@piptamil, You are welcome...
I can tell you: Wind is blowing up up up
CitRoN_RouGe bullsbabybulls
@bullsbabybulls, We have to be patient in order not to get caught in a bull trap... Direction needs confirmation.
+2 Reply
thanks for your interesting charts and insights
they have been most helpful
CitRoN_RouGe DU15011961
@DU15011961, You are welcome...
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