Gold : enters accumulation reaction phase before strong increas
After a period of accumulation, the gold price has escaped the prolonged bearish phase and is moving in a clear upward price channel.
In particular, the market is recording strong buying interest in the short-term support zone of $2,650 - $2,675. This is the "key" area to push the price closer to important resistance levels.
If the $2,721 threshold is successfully broken, the gold price is likely to quickly extend its upward momentum to the $2,772 area - an important liquidity level, and also a confirmation signal for the long-term uptrend.
In particular, the market is recording strong buying interest in the short-term support zone of $2,650 - $2,675. This is the "key" area to push the price closer to important resistance levels.
If the $2,721 threshold is successfully broken, the gold price is likely to quickly extend its upward momentum to the $2,772 area - an important liquidity level, and also a confirmation signal for the long-term uptrend.
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