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XAUUSD – Spot Gold trading range
The spot gold market has been trapped in a range between $1750.00 resistance and $1705.00 support for the last few weeks now. Price showed some rejection of $1705.00 support late last week and if you take a look at the 4 hour chart there were a couple of pin bars that formed showing rejection of that level last week. If price remains buoyant above $1705.00 early this week, we could see a move higher back towards the trading range resistance at $1750.00. Whereas a move back below $1705.00 would open the door up for larger losses.
The spot gold market has been trapped in a range between $1750.00 resistance and $1705.00 support for the last few weeks now. Price showed some rejection of $1705.00 support late last week and if you take a look at the 4 hour chart there were a couple of pin bars that formed showing rejection of that level last week. If price remains buoyant above $1705.00 early this week, we could see a move higher back towards the trading range resistance at $1750.00. Whereas a move back below $1705.00 would open the door up for larger losses.
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