Gold can spike up in low liquidity enviroment
As I said before, I'm bearish Gold in the medium term, and I expect the price to drop to 1720(at least). So far though, Gold has failed to comply...
From a technical point of view, after finding support in the 1750 zone, Gold has started to rise and now is trading back above the important 1800 figure, and exactly in 1810 horizontal technical resistance
Looking at the short-term structure, Gold can continue its ascent to 1830 resistance, and in a low liquidity environment, it is probable to do so considering its upward inertia.
In the medium-term, I will remain bearish as long as the price doesn't break above 1830 with consistent volume.
However, as I said, short-term traders can speculate on the upside and this scenario remains valid as long as Gold is above 1790.
From a technical point of view, after finding support in the 1750 zone, Gold has started to rise and now is trading back above the important 1800 figure, and exactly in 1810 horizontal technical resistance
Looking at the short-term structure, Gold can continue its ascent to 1830 resistance, and in a low liquidity environment, it is probable to do so considering its upward inertia.
In the medium-term, I will remain bearish as long as the price doesn't break above 1830 with consistent volume.
However, as I said, short-term traders can speculate on the upside and this scenario remains valid as long as Gold is above 1790.
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