Upside or Downside consolidation breakout for Gold?
We have emphasized a slow down in momentum of Gold. Gold has been trading in consolidation between 1790 and 1820 region.
The daily 50 exponential moving average is not as extended as before and price is likely to make its first contact with the moving average before heading higher due to seasonal strength.
A breakout of the 1790 support region can potentially push price towards 1747 while a breakout of the 1820 resistance region can potentially push price towards 1850 region.
The daily 50 exponential moving average is not as extended as before and price is likely to make its first contact with the moving average before heading higher due to seasonal strength.
A breakout of the 1790 support region can potentially push price towards 1747 while a breakout of the 1820 resistance region can potentially push price towards 1850 region.
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