Gold is now at critical point 1810-1815. This area proves to be a strong resistance area where the downtrend line coincides with the 200-day MA.
Gold needs a few daily sessions close above 200-day MA at roughly 1810 to gain fresh bullish momentum. Otherwise it could fail hard again.
Above 1815, gold will test 1835. Yet looking ahead the path is quite clear to reach 1915 once gold is above 1835.
RSI momentum tends to fail when it reaches 60 on daily time frame (it happened two times before this). This proves gold is in a sideways consolidation in short term.
Can gold get above 1815 ? It might be a good idea to short with strict stop loss.
Gold needs a few daily sessions close above 200-day MA at roughly 1810 to gain fresh bullish momentum. Otherwise it could fail hard again.
Above 1815, gold will test 1835. Yet looking ahead the path is quite clear to reach 1915 once gold is above 1835.
RSI momentum tends to fail when it reaches 60 on daily time frame (it happened two times before this). This proves gold is in a sideways consolidation in short term.
Can gold get above 1815 ? It might be a good idea to short with strict stop loss.
