Currently attempting to recover above the clouds in a consolidation mode.
Indeed, as long as Gold stays and hold on a daily closing basis above $ 1’720,00 it should
still be seen as a consolidation phase in a broad sideways triangle price action.
In order to neutralise the downside risk, Gold should break and hold sustainably above the $ 1’840.00 area
and this on a daily closing basis.
Such kind of price action would then open the door for a retest of the former high at around $ 1’920 ahead of $ 1’960 and higher
4 HOURS (H4)
Currently above the clouds but still below the “cluster” !
Clouds support very thin = very fragile in case of heavy selling pressure.
Looks like, for the time being, a sideways consolidation price action.
Watch carefully upcoming price action as a failure to hold and stay above the clouds would directly put the focus to the former lows $1’740-$1’730
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