FxWirePro

Gold Daily Outlook

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
1
Intraday trend-Bullish

Gold has retreated after making high of $1238. Overall trend is bullish as long as support $1210 holds. It is facing minor resistance around 1238 and any break of will target $1255 (Oct 21st high) and $1263 ( 61.8% retracement of $1345 to 1131).
On the downside break below $1210 will target $1197/1185.
Overall trend reversal -$1175 (Nov 19th low) .
The market is extremely bullish only above upper boundary of Inside pitch fork which is around 1230 level.
Indicators (4 Hour Chart)
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Sell
It is good to buy at dips with stop around $1210.

Recommendation: Buy gold around $1221, SL $1209, Target $1255/1263.
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