For the last month and a half, gold has been moving in a clear upward trend. Not many people were able to enter a position at the lower price level because after personal discussions with experienced traders, I learned that many of them were waiting for a much lower price to start long (by experienced traders I mean 15 years of investment). Currently, the border of the channel has become a clear resistance, with investors trying to break the price level three times without successfully. Additionally, yesterday’s data was confusing, as the first reaction was in line with the current move, but a strong upward correction misled many traders (including me).
The support we are with may turn out to be too weak and I expect a reaction around the level marked with the cross. There I will look for a possible entry into a transaction.