Gold price has made no real progress today. Price bounced off the trading range support but bulls were not strong enough to break resistance. So far price remains inside a trading range where we prefer to sell near resistance and buy near support.
Yellow rectangle – resistance
Red rectangle – support
Nothing new for Gold today. Price is trading between our two important areas noted in the 4hour chart above with red and yellow color. Breaking below $1,390-85 will open the way for $1,330-$1,300. Breaking above resistance will open the way for $1,500-$1,525. Simple as that. Until then we trade the trading range with strict stops.
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