After a breakout and close above the $1,610.57 on the 4-hour chart, Gold seems to be consolidating gains, although the Clean High Liquidity Pool at $16,52.70 will attract buyers, acting as a magnet area for Gold. Traders should be cautious at around $1,613.43 level. If this level can be easily broken, this scenario will stop Gold's upward movement and will force Gold to enter into a trading range. Nevertheless, the overall bias of Gold is still Bullish.
Disclaimer: Trading Forex on margin carries a high level of risk, and may not be suitable for all traders or investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
