Gold is still bullish. However, some profit taking moved the price lower so at this point we have a range bound market.
By looking at the chart we can see the zones where the price might eventually reject and bounce from. This is a ranging market now, where the bulls are still having the upper hand. We can see that the zone 1635-40 is the first zone for buyers and if the price drops to 1615-1625 we should see buyers again. Sellers come at 1655 zone and 1675. Until the range is taken out we will see the price between the zones.
The analysis has been done with the CAMMACD.Core System.
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The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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