Gold ends its pullback at structure lows

Gold ends its pullback at structure lows

Key Support: 1770
Key resistance: 1783.50 – 1800

Gold is in a mayor bullish move since it bottomed at 1678 at the end of march following a very stable structure.

Based on Elliot Wave, we are approaching the end of wave 4 which is the second pullback on a 5 wave bullish move. Right now, price is retesting the bottom of the bullish structure inside a no trading range.

Should Gold break with this week´s highs, it would also move above the previous key level igniting a bullish momentum to at least retest the previous week´s highs and a possible break of the 1805 level.

The 1805 level is a mayor resistance zone because it was a mayor base before we moved down to the yearly lows.

The USD keeps dipping and there is no sign (technically or fundamentally) that this bearish move will end soon.

Beware of a break of last week´s lows (1764). If price moves below them, we will enter a bear market in Gold, at least on the short term.

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Author : Orlando Gutierrez

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