Gold continues its strong uptrend after a textbook breakout and retest of a multi-year trendline. The price previously faced multiple rejections from this rising trendline, but has now flipped it into strong support — a key bullish signal.
What’s more, a horizontal resistance zone has also been reclaimed and is now acting as support, further validating bullish strength. This confluence of former resistance levels turning into support suggests that buyers are firmly in control.
As long as the price holds above this structure, the path of least resistance remains to the upside — with the potential for new all-time highs in the coming weeks.
What’s more, a horizontal resistance zone has also been reclaimed and is now acting as support, further validating bullish strength. This confluence of former resistance levels turning into support suggests that buyers are firmly in control.
As long as the price holds above this structure, the path of least resistance remains to the upside — with the potential for new all-time highs in the coming weeks.
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