Gold is touching the major resistance, break is highly probable
Gold it testing a major resistance of 1740 - if it manages to break above it is major bull signal for gold and gold mining stock and streaming companies.
The parabolic support level is leveling up, squeezing gold in to narrow channel pushing it to break above. this with combination of falling DXY gives very strong confidence for move up.
However as long as it is below the resistance it has no clear direction and everything is possible. The move sideways or down does not provide enough support for going long nor shorting..
At the moment I would stay off the market, wait fort the break and either go with momentum of the break (which will probably be massive) or wait for rested and bounce and go long then.
The parabolic support level is leveling up, squeezing gold in to narrow channel pushing it to break above. this with combination of falling DXY gives very strong confidence for move up.
However as long as it is below the resistance it has no clear direction and everything is possible. The move sideways or down does not provide enough support for going long nor shorting..
At the moment I would stay off the market, wait fort the break and either go with momentum of the break (which will probably be massive) or wait for rested and bounce and go long then.
Comment:
The danger zone square is too wide it should have been between ~1740 and ~1700. My typo.. anything below 1700 is a bearish / correction sign.