Hey Traders,
Not many key technical developments on gold today, long term trendline held for the 3rd time on the daily charts:
and is expected to act as further support (the more support is tested the more likely it is to break down), if it doesnt hold and this weeks lows are broken would expected a trip to 915, with critical 200dma below at 900.
On the upside still expecting top of the channel on hourly chart and 200ema to act as resistance:
If gold breaks that level will expect another 15 points of upside to 960.
As always dollar chart will be key in further developments for gold and euro.
Cheers
Vlad