Gold: larger growth from above 1,724

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XAU/USD Strong Growth!

The price of gold failed to reach the 1,692 previous low and it has just registered strong growth. It stands at 1,717 at the time of writing and is almost to reach the downtrend line which represents an upside obstacle.

Also, the 1,724 former high is seen as an upside obstacle. Technically, as long as it stays under the downtrend line, the price could drop again. Still, after its failure to reach the 1,692 key level, it has signaled exhausted sellers.

Gold Trading Conclusion!

Testing and retesting the downtrend line, staying below this obstacle could bring a new downside movement towards 1,692.

Jumping and stabilizing above the downtrend line and above 1,724 could confirm further growth and could bring buying opportunities.

Trading analysis offered by Flex EA.
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