As I predicted, Gold bounced to a strong horizontal resistance yesterday.
Analyzing the price action we may see a classic accumulation and indecision
within a contracting area based on a strong horizontal resistance and a rising trend line.
Based on a current price action I would consider two potential scenarios:
- Bullish breakout of the underlined blue area will most likely trigger a bullish movement
all the way up to 2000 level.
- Bearish breakout of the rising trend line may lead to a bearish move to 1940 level.
Personally, I am very bullish biased and I am preparing for a bullish breakout.
But anything can happen.
Wait for a breakout & only then follow the market.
Let me know what do you expect?
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