Gold – Hitting Key Resistance, Attempting to Base | Oct 13
Gold – Knocking on Key Resistance Level (daily chart)
Gaining 5 of the last 8 days, XAUUSD is attempting to build a base and break the MT bearish structure by forming new 4 month highs. Recently shiny metal double tapped the bids just above 1100 before holding the line and forming the latest bull run higher.
Currently they are attacking the key resistance area between 1168 – 1174. If this resistance level holds, then I’m expecting a move lower towards 1125 and 1100 before bids step back in. But if this level folds, then we should see an attack on 1200 and 1225 before some solid offers return.
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