Gold continues to trade sideways at the price of $1,500 and there is potential for breakout very soon. Gold might need fundamental trigger for the next directional movement..
Blue horizontal line – Swing high (Right shoulder)
Red rectangle – Upward target in case of the upward break
Yellow rectangle – Neckline and key support
Blue rectangle – Downward target in case of the down break
My advice from yesterday is still valid and in play. Watch potential breakout of the consolidation zone. The breakout of $1,523 will confirm potential test of the $1.551 (failed head and shoulders). If you see the breakout of the $1,482, there is a chance for test of the $1,452. Be ready for both scenarios. Next week we got lots of high impact events, that I do expect potential breakout next week. The best thing to do is to wait patiently for the breakout.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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