Another rush for the safe-haven, Gold (XAUUSD)
Similar with my previous analysis for Silver (XAGUSD), Gold (XAUUSD) has been on consolidation mode for days longer than Silver (XAGUSD) has been.
Despite the good number of US GDP data, Gold (XAUUSD) continued to push higher which seems that it is poised to reach the monthly resistance seen around 1,290 area. No forecast for what will happen after reaching the monthly resistance. However, if you look at the long-term basis, a megaphone channel formation can be seen wherein it may suggest a downward trajectory for this commodity after reaching the said monthly resistance.
Despite the good number of US GDP data, Gold (XAUUSD) continued to push higher which seems that it is poised to reach the monthly resistance seen around 1,290 area. No forecast for what will happen after reaching the monthly resistance. However, if you look at the long-term basis, a megaphone channel formation can be seen wherein it may suggest a downward trajectory for this commodity after reaching the said monthly resistance.