Gold has made a breakout to the upside above two resistance levels. 2016.00 and 2048.00.
The price did not for too long at 2048.00 which is showing the bullish strength.
The price is currently at 2072.00 which is the monthly resistance level and this could be a critical level for the price. In a way we could see a retrace from this level.
2072.00 is the monthly and weekly critical level. It is at an all time high for the XAUUSD so we can expect the price drops from here.
This is the fourth time price is trying to break above so it will be important to see what happens on the weekly and daily time frame.
I am expecting the price will retrace down to 2048.00 as a first step, but from there I will see how the price behaves. Will there be enough buyers holding the price above or selling pressure breaking below and targeting the 2016.00 demand zone.
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