Has Gold bottomed?
Updated
As explained yesterday, although XauUsd dropped a lot from the recent high, this drop is only a correction considering the recent 2k rise.
From price action point of view, yesterday bulls took control from 1932 and managed to drive the price up to 1950 resistance.
So far, things remain unclear and to consider a bottom in the recent low, we need a daily close above the 1950 confluence resistance.
If buyers are unable to do this, a test of 1920 is not out of the question.
From price action point of view, yesterday bulls took control from 1932 and managed to drive the price up to 1950 resistance.
So far, things remain unclear and to consider a bottom in the recent low, we need a daily close above the 1950 confluence resistance.
If buyers are unable to do this, a test of 1920 is not out of the question.
Note
After a spike down, Gold broke the small consolidation to the upside.A daily close above 1950 would signal the correction is over
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