Gold is again showing signs of life. A break above the resistance line at 1,664 calls for a firm test of resistance at 1,735. A break above here will finally confirm that the correction from August 2020 finally has been completed and a new impulsive rally towards 2,400 and most likely closer to 2,700 is unfolding.
That said, we have been disappointed several times and a failure to break clearly above resistance at 1,735 will keep the correction from August 2020 firmly alive with the risk of a re-test of the 1,612 low and maybe even closer to 1,567 before the corrective decline finally comes to an end.
Relevance up to 07:00 2022-11-09 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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