GOLD ANALYSIS
Gold made a retest of 1850-1855 area which makes it possible and reasonable to even higher.
The true big TP for buyers are around 1960 area and gold now can reach this area as it retested the broken resistance level at 1850-55.
Gold is in overall bullish channel and previous week it made a touch to a channel bottom which is 3rd bottom and closed relatively bullish. The uptrend channel support made a strong rejection.
In coming week, we should see how the preice reacts at 1850 support and 1920 resistance which is previous all time high resistance.
If the price breaks the resistance, it could easily reach 1960 without retest and if the price breaks 1850 support it could reach 1800 support which is strong psychological support also.
We will be having CPI news next week and from fundamental side, we are not seeing any significant news against inflation issue.
The true big TP for buyers are around 1960 area and gold now can reach this area as it retested the broken resistance level at 1850-55.
Gold is in overall bullish channel and previous week it made a touch to a channel bottom which is 3rd bottom and closed relatively bullish. The uptrend channel support made a strong rejection.
In coming week, we should see how the preice reacts at 1850 support and 1920 resistance which is previous all time high resistance.
If the price breaks the resistance, it could easily reach 1960 without retest and if the price breaks 1850 support it could reach 1800 support which is strong psychological support also.
We will be having CPI news next week and from fundamental side, we are not seeing any significant news against inflation issue.
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