© Dukascopy Bank SA
Gold is extending its winning streak, after it successfully confirmed a triangle. Considering the nature of this pattern, the bullion is now expected to continue building ground amid weaker US Dollar. The most immediate resistance is the 2015 peak at 1,307.06, while the next one is placed at about 1,318 (weekly R1). It is shortly followed by the monthly R1 at 1,325. In spite of long technical indicators on all time frames, we foresee somewhat lifted bearish pressure near the 2015 high, but dips lower should be shallow due to difficulty to surpass the nearest support area located between 1,274 and 1,267 (monthly and weekly PPs). Meanwhile, SWFX sentiment is 67% short today and it will support bulls.
© Dukascopy Bank SA