Gold continues to trade within the handle of the inverted cup with handle pattern, failing to break the support of the handle so far. A break below the ascending support of the handle may signal a continuation of the overall bearish wave, initially targeting the latest major low at 1321.00. We will continue to wait for a break below this support before suggesting a bearish trade. On the other hand, a clear break above 1400.00 is required to negate the short-term bearish outlook and target 1445.00-1450.00.
Support: 1378.00, 1360.00, 1340.00, 1321.00, 1310.00
Resistance: 1400.00, 1410.00, 1419.00, 1425.00, 1445.00
Based on the charts and explanations above, we prefer to wait for a confirmation.
Support: 1378.00, 1360.00, 1340.00, 1321.00, 1310.00
Resistance: 1400.00, 1410.00, 1419.00, 1425.00, 1445.00
Based on the charts and explanations above, we prefer to wait for a confirmation.