Mihai_Iacob

Gold- Is it bullish or bearish?

OANDA:XAUUSD   Gold Spot / U.S. Dollar
It was a strange week for Gold traders...
Monday morning the price fell hard reaching 1680 zone support, just to reverse losses on Friday and close the week with a strong green Pin Bar.
At this point, we may wonder if XauUsd is bullish or bearish?
From a technical perspective, the price shoot up above the important 1760 zone which should have acted as resistance and now is hoovering under 1790-1800 zone resistance.
Regardless of the medium-term direction, a correction at this point is probable and the price can retest 1760 zone. A reversal here would be bullish and, on the other hand, a break under would be bearish.

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