Gold headed for $1980?
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A bullish trend is developing on the 30-minute chart and prices are consolidating near yesterday’s highs, within a potential bullish continuation pattern. The OBV indicator (on balance volume) is also confirming the rally higher to suggest bullish volume remains dominant.
The weekly pivot point is capping as resistance, so perhaps we’ll see a pullback prior to a breakout. In which case, support levels around 1670 and 1965 may provide an area for bulls to seek bullish setups around (or bears use for targets on lower timeframes)
Otherwise, bulls can wait for a break above 1975 to assume bullish continuation and note that a 100% projection from the prior leg higher resides around 1980 resistance.
The weekly pivot point is capping as resistance, so perhaps we’ll see a pullback prior to a breakout. In which case, support levels around 1670 and 1965 may provide an area for bulls to seek bullish setups around (or bears use for targets on lower timeframes)
Otherwise, bulls can wait for a break above 1975 to assume bullish continuation and note that a 100% projection from the prior leg higher resides around 1980 resistance.
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