Gold- Is imperative for bulls to hold 1680 intact
After the false break and the strong reversal to the upside, Gold reached descending channel's resistance and started to drop.
As I said last week, the 1680-1690 zone should offer support and is imperative for bulls to hold this zone intact if they were to hope for a long-term reversal.
However, only the price above 1715 would confirm the reversal, and with the price between 1680 and 1715 Gold is trading in no man's land.
A daily close under 1680 would put again pressure on Gold and supports under this figure are 1650 and 1620.
So far I maintain my bullish bias
As I said last week, the 1680-1690 zone should offer support and is imperative for bulls to hold this zone intact if they were to hope for a long-term reversal.
However, only the price above 1715 would confirm the reversal, and with the price between 1680 and 1715 Gold is trading in no man's land.
A daily close under 1680 would put again pressure on Gold and supports under this figure are 1650 and 1620.
So far I maintain my bullish bias
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