Gold 1st Target Reached
It’s possible to say that the 1st target of the uptrend was reached. The price now is at the reasistance zone not far from 1300.00 level. We have to watch closer for the price ation in this zone because correction can start soon. If the market gives a reversal signal from this resistance zone , it will be possible to open short positions in lower timeframes with stop above 1300.00 and the local swing high based on the daily timeframe and profit targets at possible support levels and lines. As we have the good uptrend, trading against the main market movement can be not so profitable if compare it with trend following trading. That’s why it’s better to use lower timeframes for possible sell signals, and wait for good trading opportunities in the direction of the main trend. After correction the market will be able to give good buy signals based on reversals from SMA20, SMA50, 1240.00 support level and the uptrend line.
The previous overview for Gold market you can get in Related Ideas below this post.
Source: TW DLavrov