Trade Alert
Gold has been on a strong continuous move down and we can only speculate, where the potential reversal area for this might be.
For now, we will aim for the 1181 level, which was the low of the 27th of January last year. We could potentially see a bit recovery from that level, but the downtrend is still strong, so if the 1181 level breaks, this could open the way towards the 1171 zone, which held the price from dropping lower on the 6th of January 2017.
Alternatively, if the precious metal moves higher, breaks and closes above the 1192 area, this could be a good signal for the bulls to jump in and drive Gold at least a little bit higher towards the next potential are of resistance at 1205, marked by the low of the 3rd of August.
Don't forget to put your SL.
Gold has been on a strong continuous move down and we can only speculate, where the potential reversal area for this might be.
For now, we will aim for the 1181 level, which was the low of the 27th of January last year. We could potentially see a bit recovery from that level, but the downtrend is still strong, so if the 1181 level breaks, this could open the way towards the 1171 zone, which held the price from dropping lower on the 6th of January 2017.
Alternatively, if the precious metal moves higher, breaks and closes above the 1192 area, this could be a good signal for the bulls to jump in and drive Gold at least a little bit higher towards the next potential are of resistance at 1205, marked by the low of the 3rd of August.
Don't forget to put your SL.