XAUUSD (GOLD) has been stuck in limbo recently. However, there may be some action soon coming in regards to the precious metal. Last week, Gold broke through a key support level before diving straight through past $1,700. It has since then recovered throughout the previous week. However, the failure to break above $1,800 indicates the weakness of the yellow metal.
- Should the price break above $1,800, we may see an uptrend start to build.
- However, should the key resistance level fail to break, a second downward wave may be incoming.