Gold is in a very important zone
After reversing from a local low of around 1790, Gold has managed to get back above the 1800 figure and has started to consolidate.
Looking at the weekly posted chart we can see that the trend is still bullish but the price is now in the trend line zone.
That being said this is a decisive moment for bulls and for the trend to remain intact, the price should reverse sooner rather than later.
On the other hand, a break under 1800 again would have bearish connotations and could lead to a drop at 1760 in the first instance, but more likely to 1680 in the medium term
My approach at this moment is to wait and see.
Looking at the weekly posted chart we can see that the trend is still bullish but the price is now in the trend line zone.
That being said this is a decisive moment for bulls and for the trend to remain intact, the price should reverse sooner rather than later.
On the other hand, a break under 1800 again would have bearish connotations and could lead to a drop at 1760 in the first instance, but more likely to 1680 in the medium term
My approach at this moment is to wait and see.
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