Let's look at the charts.
Gold is having lower highs whilst retesting a month old support. Is the price setting up to go down south? This seems to be the case as within the past few weeks, it has done little in retesting it's resistance. It pushes up a bit then retests the support as if trying to break through. Due to this, we can make a premature assumption that if the price doesn't go above the key resistance of 1969, then Gold is sure to fall.
On the other hand, if Gold goes through the resistance of 1969 then it's bound to meet new heights.
Gold is having lower highs whilst retesting a month old support. Is the price setting up to go down south? This seems to be the case as within the past few weeks, it has done little in retesting it's resistance. It pushes up a bit then retests the support as if trying to break through. Due to this, we can make a premature assumption that if the price doesn't go above the key resistance of 1969, then Gold is sure to fall.
On the other hand, if Gold goes through the resistance of 1969 then it's bound to meet new heights.
Comment:
When price consolidates at a support or resistance it means the price is going in the opposite direction.