Mihai_Iacob

Gold- I'm trading the range

OANDA:XAUUSD   Ouro/Dólar Americano
Since last Friday's bottom at 1616, Gold has gained more than 1k pips (from top to bottom) and managed to break above both important horizontal resistance at the 1680-1690 zone and the falling trend line started in March.
At this moment the price is consolidating and is in no man's land.
1725-1730 zone offers resistance and a correction can start from there in the eventuality of a rise to that level.
On the other hand, the newly broken level of resistance offers now support, and considering the importance of the break, bulls can look for buying opportunities in that zone for continuation to the upside.


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