Gold – Price Action at 1300.00 Key Resistance

Gold – Price Action at 1300.00 Key Resistance

Gold/U.S. Dollar FX:XAUUSD

DLavrov

The price bounced from 1260.00 support level and moved to a resistance zone formed by the downtrend line, Senkou A and the key resistance at 1300.00 level. The price action in this zone will tell us about further market movements.

For confirmation of the downward movement, the price will have to bounce from the resistance zone and drop below the local uptrend line. The downtrend will be continued, and it will give a new sell opportunity.

If the price can break 1300.00 resistance level and pass through the cloud, it will give a trend reversal signal. The market will become bullish , and it will be possible to search for buy opportunities in the direction of the primary uptrend from the daily timeframe .
Source: TW DLavrov

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