Gold moved in a narrow range for most of the day yesterday, within the range of the previous session, before moving higher in the afternoon session to test the 200 DMA at 1662.
Overnight, gold has continued to rally and is currently trading around 1664 after breaking out above the 200 DMA. There are a number of areas of resistance above, namely 1668-1672, the falling 20 DMA at 1675, the trendline at 1677, the 2 Jan high at 1695 and the 18 December high at 1703.
However, the move above 1662 gives us further confidence that the 1625 low could be the Wave C low we have been waiting so long for.
For our subscribers at www.goldtradingexperts.com, today's video looks at the price action of the last few sessions in more detail and our reasons for concluding that 1625 could be the Wave C low.
Overnight, gold has continued to rally and is currently trading around 1664 after breaking out above the 200 DMA. There are a number of areas of resistance above, namely 1668-1672, the falling 20 DMA at 1675, the trendline at 1677, the 2 Jan high at 1695 and the 18 December high at 1703.
However, the move above 1662 gives us further confidence that the 1625 low could be the Wave C low we have been waiting so long for.
For our subscribers at www.goldtradingexperts.com, today's video looks at the price action of the last few sessions in more detail and our reasons for concluding that 1625 could be the Wave C low.