#xauusd - Does the rise find an end soon? #goldMight be a little disbelief right now, that the formerly mentioned "pump" really happened, but yes, it did and is the question are we finding a resistance now or are we going further up to the Yearly Pivot Resistance 1.
Gold is trying hard to overcome the mid term trend line (red) and I am clearly going to warn about possible fake outs at this point.
Whoever of you has been riding this after the break-out, should become more cautious towards possible profit taking now.
The Year started green all over, but January has not to end like this. There are all three options completely open here, though to also mention, Gold is has been overshooting overbought conditions and has been rising in demand.
As usual I have marked possibilities and important mid term levels to look at, watch out for things as engulfings or large wicks on 3D possibly turning this bullish picture. The most likely are where stop losses are situated at the moment is just around 1550-1530$.
So no need to panic sell at this moment.
Neru
