At the end of last week’s trading session, world gold price had a bounce from 1719 to 1755 ($ 36) to close last week’s candle with a candle that increased higher than next week. While the upside momentum on the weekly chart time frame is there, it is currently facing the resistance zone of 1755-1760. So in my personal opinion would continue to prioritize Sell when the precious metal Gold approaches this price range.
- Considering the weekly chart time frame, we can see that the last 3 trading days, the closing and closing price has not broken through the 1745 price range and has not broken through the 1730 price zone, so we can trade in the market. These 2 bands then wait for the strong breakout of gold precious metal.
- Switching to the smaller timeframe H4 we can see the nearest resistance price zone we can establish a sell-down position with this precious metal at 1741-1746 and the target will remain safe on the price zone 1727-1732 in early trading today.