‼ After the past 2 days, the gold price has not fluctuated, most clearly yesterday, the price of Gold sideways in a narrow band (1727-1737) until the Fed meeting last night, the price of Gold The world broke the resistance level of 1740 which held Gold previously to go up to 1752 and closed the day with a strong bullish candle at 1745.
- With the break out of this multi-day resistance zone, in my opinion, this momentum will continue today. On the D1 daily chart time frame, we can clearly see the bullish candlestick force surpassing the MA20 and heading to the next resistance zone around 1760-1765 zone today. So where to set up a buy position?
- As we know when an old resistance is broken, it immediately becomes a new support zone that pushes the price up but however with this strong rise of precious metal last night and this morning it is likely Gold precious metal will only return to the price range 1745-1747 and then continue to go up. So around that price zone, we can establish a buy position on the precious metal Gold with a target at 1760-1765.
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