Gold has been trading in and above the previous ATH zone since April of this year.
Large amounts of seller volume was enough to bring us down to $2300 June 7th; however the zone held.
We've failed to make either a higher high or a lower low during the last week and we're currently in a tighter consolidation on the daily chart.
There's liquidity on both sides, but it's more likely we see a break in the short term downtrend than prices below $2300.
$2375 shouldn't offer much resistance, with $2400 being the next psychological price and previous resistance level.
Large amounts of seller volume was enough to bring us down to $2300 June 7th; however the zone held.
We've failed to make either a higher high or a lower low during the last week and we're currently in a tighter consolidation on the daily chart.
There's liquidity on both sides, but it's more likely we see a break in the short term downtrend than prices below $2300.
$2375 shouldn't offer much resistance, with $2400 being the next psychological price and previous resistance level.
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