Gold bounces back but remains held in a mini range
Price continues to hold in its new breakout, but buyers have been having a hard time so far taking that next step in forming a new continuation.
The two levels we are watching today are 1737.40 support and 1756 resistance. Both of these levels are short-term, and we still think the real test for buyers is up at 1780.50. Price, for now, continues to consolidate between those two levels, and we are looking for a key move that breaks the deadlock. We are still leaning toward an upwards break to maintain the current up leg but a break below support is a warning sign.
Depending on what happens from now until Friday, we still feel that Friday's US employment data could be the influence that has the highest probability to break some of the stalemates. The data will be released Saturday morning at 12:30 pm AEDT.
Good trading
The two levels we are watching today are 1737.40 support and 1756 resistance. Both of these levels are short-term, and we still think the real test for buyers is up at 1780.50. Price, for now, continues to consolidate between those two levels, and we are looking for a key move that breaks the deadlock. We are still leaning toward an upwards break to maintain the current up leg but a break below support is a warning sign.
Depending on what happens from now until Friday, we still feel that Friday's US employment data could be the influence that has the highest probability to break some of the stalemates. The data will be released Saturday morning at 12:30 pm AEDT.
Good trading