Gold breaks the wedge resistance, prolonged consolidation above this figure forms a good momentum which can be used to open long positions.
The price has consolidated above the descending wedge resistance for quite a long time. Since the session opening on Monday, we see a false break-down of 1954 and bullish momentum towards 1965.
The market makes a retest to the resistance. If this boundary is broken down, we might see a good rally to the 1984 global range resistance.
The moving averages act as support and form a bullish signal.
Strong support: 1960, 1954.
Strong resistance: 1965, 1970
I expect bulls to be able to hold the 1965 area, after which we will see an increase to 1984
The price has consolidated above the descending wedge resistance for quite a long time. Since the session opening on Monday, we see a false break-down of 1954 and bullish momentum towards 1965.
The market makes a retest to the resistance. If this boundary is broken down, we might see a good rally to the 1984 global range resistance.
The moving averages act as support and form a bullish signal.
Strong support: 1960, 1954.
Strong resistance: 1965, 1970
I expect bulls to be able to hold the 1965 area, after which we will see an increase to 1984