Ransquawk

Looking at GOLD price we will note that it has been moving for a long time to the north. As a result of these increases market beat significant resistance at $1257, and re-tested it by rejecting it from the other side (as support).

When analyzing technical systems we can see a double bullish formation of inverted Head & Shoulders (iH&S), which proves that there could be further increases.

GOLD H4

On daily chart, we note that closest significant level of resistance is in the vicinity of April and June highs ($ 1295). This is where we could expect first major supply response.

It is worth noting that much more significant resistance is in area of 1305.00. Because last time GOLD in vicinity of this level was during the election night in United States (9/11/2016), it may turn out that bulls will make every effort to re- test it again.

GOLD Daily

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