Gold strength unsustainable, may face a retracement or reversal
In our previous post, we have mentioned that a break out of the 1679 region can push price towards 1730.
Price has now broke out of the major resistance region but this momentum is unsustainable and will likely experience a retracement. In pattern trading, it is unsustainable for price to begin reversal from the support level and straight breaking out of the resistance level. The 1709 support region will act as a crucial support level as any breakout towards the downside would likely push Gold below the 1700 region. As such, any reversal confirmation of the 1709 support can provide a potential long entry for people who missed out.
Price has now broke out of the major resistance region but this momentum is unsustainable and will likely experience a retracement. In pattern trading, it is unsustainable for price to begin reversal from the support level and straight breaking out of the resistance level. The 1709 support region will act as a crucial support level as any breakout towards the downside would likely push Gold below the 1700 region. As such, any reversal confirmation of the 1709 support can provide a potential long entry for people who missed out.
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