Gold Price Analysis: XAU/USD reaches Volume Cluster, what next?

Bulls taking control as price break the prior resistance now turns support.
Resistance is critical at this juncture and may give way to further bullish support.

Ross J Burland FXStreet

Gold has rallied out from a sideways channel and has claimed the volume cluster area.

1HR chart

Prior gold analysis

From here, there could well be a possibility of a day trade into the closing, but it will take time to develop.

If gold prices break the current resistance with an adequate pull back, the fade could offer an opportunity to buy into the bullish trend, in an exact same strategy as what the following provided:

Gold Price Analysis: XAU/USD bulls step back in at a discount, targeting continuation to $1,965

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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