Gold might retrace back to support before heading higher

Gold broke out of the resistance zone at 2000 region towards the 2040 resistance region which we identified last week.

We have adjusted the direction of the break out where price can potentially fall back to the now 2000 support region before extending to the high of the range at 2080 region. As of now, any short opportunity should only be considered when price break out of the support region at 1940.