GOLD IS UNDER 1802 RESISTANCE
The recent price created this week managed to respect the resistance formed in 1802 and here now we are required to identify the next possible direction in terms of the structure formed.
The 4-hour timeframe formed a rising wedge pattern where it came off with a bearish breakout. But the price managed to show a reversal back to revisit the price level it breached very quickly.
This minor resistance is acting as a key player here where it supported the price of gold one more time to lift off before a sell-off.
Gold even continue the rally to the upside if sellers' pressure gets weakened forming a fake breakout off the lower boundary formed for this rising wedge pattern. By any chance, if the price of gold still manages to respect the structure, then we will see a nice sell-off which can revisit close or below $1760
Penafian
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