I always love to predict the reversal; that's always been my strategy. Currently, gold price gains are likely to be driven by the Ukraine x Russia tensions, and it's all news-driven price action.
Based on the technical analysis, 1915-1925 is strong resistance, and it was June 2021 high. If the price rejects the resistance, potentially, gold will reverse, or at least fall to retest the 38.20% to 61.80% Fibonacci retracement, maybe below.
Invalidation:
- This analysis fails if Gold breakout and close above 1915-1925 Resistance
Catalyst:
- Ukraine x Russia x US news
Caution:
- Keep monitoring Ukraine x Russia x US news
Based on the technical analysis, 1915-1925 is strong resistance, and it was June 2021 high. If the price rejects the resistance, potentially, gold will reverse, or at least fall to retest the 38.20% to 61.80% Fibonacci retracement, maybe below.
Invalidation:
- This analysis fails if Gold breakout and close above 1915-1925 Resistance
Catalyst:
- Ukraine x Russia x US news
Caution:
- Keep monitoring Ukraine x Russia x US news
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