Gold! Where to now?

Before we analyze the market today, please spend a minute to read our analysis from last week:

"Should we buy gold right now?

At the moment gold is against a strong resistance at 1825, and immediately after that we also have a Daily resistance in the 1832-1834 zone.
If those levels are violated that means we would have a new daily high and then we could easily say that this move will continue higher.
There is still a chance that we could see price rejecting the resistance and shooting down to 1800.

That's why the answer to the question ''Should we buy now?'' is NO!"

Right now we have much better buy opportunity on GOLD.
We don't yet have a breakout of the $1832 level, but price is at support giving us a much better risk to reward ratio.

Watch out for a bounce of current price levels and possibly a move to the main resistance.
It is very possible that we see a breakout of that resistance as it would be tested for a second time.

Follow our analysis and support us with like and a comment!

Bình luận: