Mihai_Iacob

Gold- Will it start a correction?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Since the beginning of the year, Gold traded upwards with the price contained in a nice ascending channel.
Yesterday, following the CPI data, the market spiked down and up with the bulls managing to take control at the end of the day and the market closed near the top of the daily range.
Technically we are at the resistance of the mentioned channel and a correction could be next.
However, with the price at 1900 (a little less at the time of writing) a spike up in search of stop losses could happen before this correction.
Looking to sell weakness to a test of 1860-1865 support could be a good strategy

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