Gold price pulled back yesterday, but as we previously said, any pullback is seen as a buying opportunity for Gold as long as the price is above $1,300. Gold price should find support at $1,307 and start the next big bounce towards at least $1,330.
Black line – support trend line
Green line -RSI support trend line
Gold price has short-term resistance at $1,325.50. A break above this level will open the way for $1,332 and maybe for $1,347. Support at $1,307 must be respected otherwise we are in danger of another bull stop run and a move towards $1,285. The RSI must bounce off the green trend line support. Holding above the green trend line will be a bullish sign.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price pulled back yesterday, but as we previously said, any pullback is seen as a buying opportunity for Gold as long as the price is above $1,300. Gold price should find support at $1,307 and start the next big bounce towards at least $1,330.
Black line – support trend line
Green line -RSI support trend line
Gold price has short-term resistance at $1,325.50. A break above this level will open the way for $1,332 and maybe for $1,347. Support at $1,307 must be respected otherwise we are in danger of another bull stop run and a move towards $1,285. The RSI must bounce off the green trend line support. Holding above the green trend line will be a bullish sign.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: