Gold continued with its current consolidation but shown promising rebound right at the neckline of a previous double bottom.
An inside bar was also formed as it reached the week low and it followed through with a break-above, showing a stronger conviction for the bulls.
Therefore, we expect the gold to follow through with its rebound and potentially reach 1820 before facing resistance again.
Should the price failed to climb at the beginning and hovers around the current range top at 1795, we can expect a pullback towards 1765 where an inverse head and shoulder could potentially form.
An inside bar was also formed as it reached the week low and it followed through with a break-above, showing a stronger conviction for the bulls.
Therefore, we expect the gold to follow through with its rebound and potentially reach 1820 before facing resistance again.
Should the price failed to climb at the beginning and hovers around the current range top at 1795, we can expect a pullback towards 1765 where an inverse head and shoulder could potentially form.
