Last week was a significant week for gold. We can see it went down to test 1570 level and ended up with a false break (bear trap) because it went all the way up breaking 1600 level and then closed as a hammer pin bar (weekly candlestick) above 1620 level. This new week would be essential to determine the bull strength of gold, will it challenge the 1700 again? Well, I am pretty sure it would go to 1650 first then see how the price reacts at here. The channel might likely still intact. Further break of channel resistance will see gold target to 1720, however if it bounces off from the resistance, we can see it back to south to 1580 again.
follow my telegram channel at @freetradepips to get free daily chart analysis
follow my telegram channel at @freetradepips to get free daily chart analysis