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: xStation5
