Gold has been trading within an upward moving range-bound channel since the start of 2017. The primary trend remains upwards, with secondary corrections. Whilst investors Globally have turned towards riskier assets amid sustained economic growth low interest rates and low inflation, Gold is likely to see another correction. In previous sessions prices formed head and shoulder pattern with a downside pressure. Today Gold dipped below 20 MA finding the first support around 1310 mark. Should it fall below this support line, it will find support at 1300 and further at 1270 mark. The reverse to upside will depend on the FED's interest rate increase.
Trade closed: target reached
Trade closed: stop reached