Gold- Prepared for a new leg up
After the recent high at 1870, Gold has started to drop and, yesterday, has made a low around 1830.
However, this 400 pips drop is corrective in nature and is contained in a flag pattern.
1820-1830 zone is a very important support for Gold, given by the long term bullish trend line and horizontal minor support, and, considering yesterday's strong reversal from this zone we can expect this to be a bottom.
At the time of writing, Gold is trading exactly in the flag's resistance and a break above 1850 would confirm my bullish outlook.
My target for the yellow metal remains 1900 and I will maintain my bullish outlook as long as this bullish structure is intact.
However, this 400 pips drop is corrective in nature and is contained in a flag pattern.
1820-1830 zone is a very important support for Gold, given by the long term bullish trend line and horizontal minor support, and, considering yesterday's strong reversal from this zone we can expect this to be a bottom.
At the time of writing, Gold is trading exactly in the flag's resistance and a break above 1850 would confirm my bullish outlook.
My target for the yellow metal remains 1900 and I will maintain my bullish outlook as long as this bullish structure is intact.
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