Gold rose sharply, expected to reach 1980 in the next week
Gold price struggles to capitalize on the previous day's solid rebound from the 100-day Simple Moving Average (SMA) support near the $1,940-$1,939 area and oscillates in a narrow trading band on Friday.
The
GOLD
currently trades near the top end of its weekly range, around the $1,965 region, nearly unchanged for the day heading into the European session.
I expect gold to retest the 1955-1957 zone. then will continue the uptrend that was just established after the jobless news. My expectation is for gold to rise to 1965 and 1970 to take profits.
Stop loss placed 5 prices from the entry point.
Have a nice day.
The
GOLD
currently trades near the top end of its weekly range, around the $1,965 region, nearly unchanged for the day heading into the European session. I expect gold to retest the 1955-1957 zone. then will continue the uptrend that was just established after the jobless news. My expectation is for gold to rise to 1965 and 1970 to take profits.
Stop loss placed 5 prices from the entry point.
Have a nice day.
