Buyers are trying to take steps to regain the short-term advantage, but for now it's hard to break the resolve of short sellers in short term. Yesterday the price tested 100 MA (red line), and now with the European markets opening, the buyers are trayng to go back above the key level.
In the short run, the sellers control the situation, at least until buyers find a way to overcome. However, buyers still have momentum that can help them with a rally for a new high.
By staying above the key level of $1300, buyers still have solid support for a new rally.
In Gold, most of the recent actions are largely dictated by the fact that the dollar has been steady in the past two weeks. This resulted in a precious metal price drop from $1326 to it's current levels. But while the level of the formed double bottom is not break, there is still a momentum to keep gold going up to test the levels since November last year.
Anyway it's unlikely, to see a strong rally like what we have seen over the past three months, as green money prospects also seem quite favorable - as other currencies seem less attractive.
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