A break below $2,455 on a closing basis would help confirm the start of a fresh down leg within the range, thereby extending the sideways trend. If so, the price will probably move down to $2,400 or perhaps the range floor in the $2,390s. Due to the fact the range is tapering slightly, it might also be a triangle pattern in the final stages of development.
A decisive break above the range ceiling, however, would indicate the development of a more bullish trend. Such a breakout would probably follow through higher to at least $2,550, calculated by taking the 0.618 Fibonacci ratio of the range’s height and extrapolating it higher.
A decisive break would be one characterized by a long green candle that pierced clearly through the level and closed near its high, or three green candles in a row that breached the level.
A decisive break above the range ceiling, however, would indicate the development of a more bullish trend. Such a breakout would probably follow through higher to at least $2,550, calculated by taking the 0.618 Fibonacci ratio of the range’s height and extrapolating it higher.
A decisive break would be one characterized by a long green candle that pierced clearly through the level and closed near its high, or three green candles in a row that breached the level.
Note
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Gold reverses below $2,500 amid profit-taking, as a key week kicks inGold price is trading below $2,500 in the Asian session on Monday, retreating from fresh record highs of $2,510. Markets resort to profit-taking, gearing up for US S&P Global PMIs, Fed Minutes and Fed Chair Powell's speech this week for fresh policy cues. Mid-East concerns could cap Gold's downside.
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