Gold Consolidates in Tight Range – is it Going to Retrace Up?

Fellas, in our previous update, we spoke about the top 2 reasons behind a gold sell-off. In this update, we are going to take a look at the technical side of the market. So, here are the key technical points:

• On the 4-hour timeframe, GOLD has violated a sideways channel which has kept the precious metal in a range of $1,220 – $1,228.
• The daily close is bearish marubozu, which indicates a significantly bearish bias of traders. So, gold might continue trading bearish now.
• The immediate support is at $1,210 and resistance can be seen at $1215.
• So, here’s the thing: the violation of $1,210- $1,215 trading range is likely to determine which why gold is willing to move.
• On the lower side, gold can go after $1,206 while the bullish breakout of $1,215 can lead it towards $1,218.
• Support Resistance
  1217.38 1229.43
  1211.71 1235.81
  1199.66 1247.86
  Key Trading Level: 1223.76