Gold Rise but Remain Resisted Amid Bearish Butterfly
The gold was little changed at first but rose steadily during the 2nd half of the week.
However, the price was resisted and reversed shortly and broke below a rising trendline once again.
Sellers started to take control on the last trading day during the US session.
As of current, the price has shown resistance and trading near the top while both highs and lows started to drop lower.
This week, the gold is expected to reverse and fall further towards a demand zone below 1688 where price could be supported by a rising trendline.
Should the price continue to break higher early in the week, it may continue to rise and reach an 8-year resistance level at 1788.
However, the price was resisted and reversed shortly and broke below a rising trendline once again.
Sellers started to take control on the last trading day during the US session.
As of current, the price has shown resistance and trading near the top while both highs and lows started to drop lower.
This week, the gold is expected to reverse and fall further towards a demand zone below 1688 where price could be supported by a rising trendline.
Should the price continue to break higher early in the week, it may continue to rise and reach an 8-year resistance level at 1788.
