Gold Broke out of a Strong Range a few weeks ago. Gold was trading in this range for nearly a year now. This in itself is a Strong indication of buying momentum.
Adding to this, there was also a (Micro)Trend Line Support, which Gold used to gain a little more Up-Thrust!
It has been 4 months now and we see some incoming Selling pressure at the tops (Marked by the arrow).
This Selling pressure doesn't tell much about any reversal, because there is no Clear level of Resistance, and also, We could see that the Selling pressure is only dropping as weeks go by.
Gold is expected to move further up till 1600 / 1700 levels
Adding to this, there was also a (Micro)Trend Line Support, which Gold used to gain a little more Up-Thrust!
It has been 4 months now and we see some incoming Selling pressure at the tops (Marked by the arrow).
This Selling pressure doesn't tell much about any reversal, because there is no Clear level of Resistance, and also, We could see that the Selling pressure is only dropping as weeks go by.
Gold is expected to move further up till 1600 / 1700 levels