Gold direction unclear just below 1300
Following bounce back from Fibo 61.8 retracement level, gold price climbed back to 1290s again. Now the price is around EMA200 on 4H chart.
I think that this year’s popular resistance band of 1295-1300 shall determine the direction.
(1) If the band is broken upside above 1300, this may confirm that 1355-1260 decline was a retracement of the 1205-1355 up-leg.
(2) If price takes downward reaction from the band, we might think that the trend is downwards and 1260-1295 rise was a retracement of the 1355-1260 down-leg.
Let’s watch the weather wane to see which way the golden wind will blow….
I think that this year’s popular resistance band of 1295-1300 shall determine the direction.
(1) If the band is broken upside above 1300, this may confirm that 1355-1260 decline was a retracement of the 1205-1355 up-leg.
(2) If price takes downward reaction from the band, we might think that the trend is downwards and 1260-1295 rise was a retracement of the 1355-1260 down-leg.
Let’s watch the weather wane to see which way the golden wind will blow….
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