GOLD

By Mariya Markova

XAUUSD

, 1 day

long

#Technical

#Bullish

Range

Resistance 1 1884
Quote Price 1977
Support 1 1925

On the daily chart, we can see that Gold has reached a key resistance  around the 1985 level. A break above this level would open the door for a rally into the highs. We can expect the sellers to step in here with a defined risk above the resistance to target the lows again. This incredibly strong rally is also overstretched now as depicted by the distance from the blue 8 moving average. In such instances, we can generally see a pullback into the moving average or some consolidation before the next move.