Gold gains 1% and is approaching major resistance
Gold has been gaining significantly since the end of March, which is related to the decline in US bond yields. The price has already rebounded by nearly $ 80 an ounce since late March, and is now testing resistance at $ 1,755 per ounce, the local high from March. At the same time, it can be considered as the neckline of potential double bottom formation. The range of the formation is at $ 1,833 an ounce. Moreover, the first actual overbalance breakout may occur. However, gold must first break above the resistance at $ 1790 an ounce which is marked with the 38.2 retracement. The nearest support is marked with 23.6 retracement.
Breaking above $ 1,755 an ounce is crucial for the bulls. Source: xStation5This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.