Gold in consolidation
XAUUSD currently in range between $1766 and $1787. Gold has breached the rising trendline support at $1775 on a 4-hour time frame. Bears need a four hourly candlestick close below it. The first support is found at $1768. Failure to defend the support might prompt some technical selling and accelerate the corrective slide towards $1750 and $1730 demand zones.
On the upside, buyers need to move above the resistance at $1775 to resume the uptrend toward $1780 and $1787. The fundamental backdrop suggests that a corrective pullback might still be seen as a buying opportunity. Gold should fund buyers near $1770 - $1765 area.
On the upside, buyers need to move above the resistance at $1775 to resume the uptrend toward $1780 and $1787. The fundamental backdrop suggests that a corrective pullback might still be seen as a buying opportunity. Gold should fund buyers near $1770 - $1765 area.
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