Gold/US dollar approaches the end of the pullback zone

Denis Joeli Fatiaki Independent Analyst

Gold is currently approaching the end of its pullback zone, as highlighted in my previous post and could be ready for its next run. My leading indicator is still in the red; however, there are two technical points that I am watching closely which is the wedge price pattern and the fact that it found support on two occasions at 1630.00.

The first step to confirm its recovery is to hold above 1641.00 and break and remain above 1655.00. The first target is estimated at 1666.50 followed by 1682.70

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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