From my previous analysis on Gold, the bullish target for Gold has been hit. Unfortunately, A pullback to the levels of 1590 did not occur. Nevertheless, 1595 will now be a solid support level for Gold given the previous highs were there.
Previous daily closure still suggests a strong bullish momentum. I would anticipate Gold to move up into the regions of 1686 to 1692 as our next bullish target from the 2013’s daily levels. The Fib retracement on the Daily adds confluence to that. The previous weekly highs were there too, 3 major confluences in total.
Bias: Long
Target price: 1690
I would look for an entry between the levels of 1650 to 1655.
Previous daily closure still suggests a strong bullish momentum. I would anticipate Gold to move up into the regions of 1686 to 1692 as our next bullish target from the 2013’s daily levels. The Fib retracement on the Daily adds confluence to that. The previous weekly highs were there too, 3 major confluences in total.
Bias: Long
Target price: 1690
I would look for an entry between the levels of 1650 to 1655.