Gold in a consolidation phase, which way will it break out?
Gold is stuck in a consolidation phase between 1798 and 1815 for more than
a week now. However, the consolidation phase might be ending soon.
The primary scenario as per my opinion is that the 1815 area will continue to offer
resistance and Gold will finally drop below the 1780 level with a strong bearish impulse.
On the other hand, the less likely scenario is that Gold breaks out of the 1820 level and
heads towards 1870.
Either way it would be wise for traders to wait until a breakout and retest happens.
a week now. However, the consolidation phase might be ending soon.
The primary scenario as per my opinion is that the 1815 area will continue to offer
resistance and Gold will finally drop below the 1780 level with a strong bearish impulse.
On the other hand, the less likely scenario is that Gold breaks out of the 1820 level and
heads towards 1870.
Either way it would be wise for traders to wait until a breakout and retest happens.
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