After two more failed attempts to take and hold 1780 (by our count that makes 5) and two bearish "shooting star" candlesticks on the daily chart, it is imperative that gold conquers 1780 and holds above this key resistance level very soon.
We think that speculative longs will start to bail and a sell off will ensue if this level isn't taken out this week, though our bias is still with the bulls at this time.
The key trendline for the uptrend is currently around 1760, and with significant support in the 1755-1760 range, this is a "must hold" level for the bulls.
Today's video looks at these key technical levels in more detail and our trading strategy for the next few days.
We think that speculative longs will start to bail and a sell off will ensue if this level isn't taken out this week, though our bias is still with the bulls at this time.
The key trendline for the uptrend is currently around 1760, and with significant support in the 1755-1760 range, this is a "must hold" level for the bulls.
Today's video looks at these key technical levels in more detail and our trading strategy for the next few days.