Gold has approched significant resitence level
Price has reached significant resistance around 1320. CCI is recently pretty overbought for some time and CCI is declining below +100 and is heading further down.
We can also see ascending triangle to be formed at significant resistance level.
In case resistance level at 1320 will hold we could see price decline down.
However we should take into the account that latest upside move was very strong and bulls could further overweight bears, CCI has declined below +100 couple of times during recent upside move and ascending triangle is bilateral pattern. So there is no 100% assurance that price will drop.
We can also see ascending triangle to be formed at significant resistance level.
In case resistance level at 1320 will hold we could see price decline down.
However we should take into the account that latest upside move was very strong and bulls could further overweight bears, CCI has declined below +100 couple of times during recent upside move and ascending triangle is bilateral pattern. So there is no 100% assurance that price will drop.
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