The Gold price has been moving much faster than anticipated during our last Gold update. The 1700 resistance has been cleared easily and the price is now approaching the monthly supply zone starting at 1800.
Many Gold traders are going to start looking for shorts, but a look at the monthly price chart shows how strong the recent rally is. The price is trading at the highs of the current monthly candlestick, indicating a lot of bullish pressure. The Trend Rider is also still green, confirming the upside momentum.
We’d caution Gold bears and recommend waiting for a clear sign that sellers are entering the market. Volatility may increase once the price reaches the supply area.