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Despite Dollar weakness, Gold bulls have not found the strength to push price higher and move above $1,720-25 resistance. As we mentioned in previous posts, Gold price justifies a move towards $1,750-70 but so far there no sign of strength. In the Daily chart Gold price remains below the tenkan-sen (Red line indicator). This is not a good sign as price only moves sideways. Gold has resistance at $1,725 by the tenkan-sen. Bulls need to break this level, in order for a counter trend bounce towards $1,777 where we find the kijun-sen (yellow line indicator). The RSI is at oversold levels, however this does not mean that price will or must bounce. Worst sell offs happen when the RSI is oversold. Nevertheless, traders need to be aware that a bounce is very possible.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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