Gold dips to be bought, rallies to be sold
Gold - Weekly Outlook
Buying Dips in front of $2,016 (stop at $1,966)
Continued buying pressure resulted in Gold breaking the previous high of 2075 and trading to a record 2145. Strong selling pressure resulted in all the initial daily gains being overturned while posting a bearish Outside Candle on the daily chart. Although this formation will often highlight the top of a trend and the start of a new downward bias, we look for the initial dip to find buyers. Expect volatile trading. Th long-term outlook is still bullish.
Our profit target is $2,120 and $2,130
Resistance: 2076 / 2120 / 2130
Support: 2016 / 1977 / 1932
Buying Dips in front of $2,016 (stop at $1,966)
Continued buying pressure resulted in Gold breaking the previous high of 2075 and trading to a record 2145. Strong selling pressure resulted in all the initial daily gains being overturned while posting a bearish Outside Candle on the daily chart. Although this formation will often highlight the top of a trend and the start of a new downward bias, we look for the initial dip to find buyers. Expect volatile trading. Th long-term outlook is still bullish.
Our profit target is $2,120 and $2,130
Resistance: 2076 / 2120 / 2130
Support: 2016 / 1977 / 1932
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Gold has traded to $2016
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