Gold fails to break resistance

Gold

Gold once again failed at the 1300 resistance level, and dropped back to 1266. With RSI at 70, it was a classic case of an “expected” reversal.

NOTE: Hima Reddy wrote on our blog, on 1st June 2017 :- GLD looks “toppy” to me

NOTE: Dave Reiter wrote on our blog, on 8th June 2017 :-
The bears are still firmly in control of the gold market. GCQ7 must generate a weekly close above 1301 in order to turn bullish on a short-term basis.

Author: Dubai Trading Room

Dubai Trading Room is an Online Meeting Place for Traders and Market Participants who actively trade Stocks, Futures & Forex markets. The Blog Posts contains market views and analysis by experienced and qualified market participants. We invite you to get involved, share your views and build your network of traders, experts, technicians, consultants, brokers, analysts. We can pool our knowledge and expertise to understand and trade the markets successfully.

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