DAILY - Gold tried to break 1647 (50% Fibonacci - weekly range) yesterday, but couldn't stable to stay above that level and moved in very narrow range. Today, it opens below the 50% Fibonacci - daily range, but MACD still above the zero line. On the other hand, we have MACD above the zero line but the price still moves below the 50% Fibonacci - weekly range on time frame 4H.
Therefore we would see more consolidation today before it breaks either 1647 or 1634.
See Weekly Outlook for medium term.
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